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WAEC - Economics (1992)

1
Economics is a social science because it
Answer
(A)
deals with an aspect of hman behaviour
2
Scarcity in Economics generally refers to
Answer
(E)
resources being limited
3
Opportunity cost is define as the
Answer
(C)
real cost
4
the most basic concern of economists is to
Answer
(E)
allocate scarce resources to satisfy human wants
5
The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be
Answer
(B)
excess supply
6
In Economics production is complete when
Answer
(D)
goods and services reach the consumer
7
which of the following is not a characteristics of money?
Answer
(E)
Mobility
8
which of the following defines Economics most comprehensively ?
Answer
(C)
The study of human behaviour in the allocation of scarce resources
9
A society that is on its production possibility curve
Answer
(D)
has attained both full employment and full production
10
Money becomes a very poor store
money becomes a very poor stone of value in a period of
Answer
(D)
inflation
11
Economic growth is the
Answer
(A)
rate of increase in a country's full employment and real output
12
The market price of a commodity is determine by the
Answer
(D)
interaction of demand and supply
13
if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will
Answer
(B)
increase
14
Money as a unit of account implies that it can be
Answer
(C)
used to measure the value of goods and services
15
which of the following does not increase the population of country
Answer
(C)
emigration
16
A stockholder partakes of the profit of a l8imited liability business by receiving
Answer
(D)
dividends
17
Near Money is made up of
Answer
(A)
very liquid asset which can be easily converted into money
18
Which of the following is not characteristics of a perfect competition ?
Answer
(C)
supply and demand are equal
19
Which of the following is not a negative effect of inflation
Answer
(E)
Borrowers tends to gain
20
Which of the following is not function of central bank
Answer
(C)
Acceptance of deposit from the public
21
Proportional tax is a tax whose
Answer
(A)
percentage rate remains constant as the tax base increases
22
the largest part of the revenue of a country is derived from
Answer
(B)
indirect taxation
23
which of the following is not a good reason for the importation of agriculture in West African countries? it
Answer
(E)
provide raw materials only for foreign industries
24
The comparative cost of doctrine of international trade means specialization in production according to
Answer
(D)
comparative cost advantage
25
The greater burden of the taxes on essential goods is borne by
Answer
(C)
low income group
26
A change in supply implies a
Answer
(C)
shift in supply curve to the left or to the right
27
Which of the following will increase the GNP of an economy?
Answer
(B)
An increase in the proportion of the productively employed population
28
A market condition where profit is maximized when MR = AR = MC = P is known as
Answer
(D)
perfect competition
29
when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as
Answer
(B)
price control
30
Money supply is the
Answer
(D)
currency in circulation and demand deposits
31
which of the following is not the function of a commercial bank
Answer
(B)
serving as banker to the government
32
inflation caused by increase in demand is known as
Answer
(C)
demand-pull inflation
33
indirect tax are taxes which
Answer
(E)
are levied on goods and services purchased by individuals and firms
34
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
Answer
(A)
budget deficit
35
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
Answer
(A)
budget deficit