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WAEC - Economics (1995)

1
Economics is a social science which studies how
Answer
(D)
scarce resources are allocated to satisfy human wants
2
Scarcity in economics means
Answer
(C)
limited supply of goods and services
3
The decision on what to produce is a problem in
Answer
(A)
all economics system
4
The law of demand states that
Answer
(D)
as price falls, quantity demanded increases
5
which of the following is an important limiting factor in the application of division of labour?
Answer
(A)
market size
6
Which of the following does not encourage the location of industries?
Answer
(D)
political instability
7
All the under listed factors directly affects the supply of a commodity except
Answer
(E)
level of income
8
which of the following economic system is in operation in Nigeria?
Answer
(E)
mixed economy
9
Giffen commodities are those commodities
Answer
(B)
for which demand increases as price increases
10
Effective demand in economics means
Answer
(C)
the desire for a commodity or service backed by purchasing power
11
Government can influence aggregate demand through all the following measures except
Answer
(B)
retirement of director-general in the public service
12
The term production in Economics means
Answer
(B)
the creation of utilities
13
Under the socialist economy , the decision on what to produce is determined by the
Answer
(D)
Government
14
Credit creation by banks is limited by
Answer
(C)
the non-availability of clllateral security
15
Which of the following explains marginal cost?
Answer
(E)
The additional to total cost resulting from the production of an additional unit
16
The effect of an increase in price on the demand for a commodity with elastic demand will be
Answer
(B)
a decrease in the demand for the commodity
17
In perfect competition , the marginal cost curve intersects the average cost curve
Answer
(A)
from below at its lowest point
18
Which of the following does not require the use of information from census?
Answer
(E)
Controlling geographical mobility of labour among the states or regions
19
Which of the following is not a function of an insurance company?
Answer
(C)
Collection of deposits from the public
20
Malthus observed in his theory that population was growing
Answer
(C)
in geometrical progression
21
At optimum population level, a country has its
Answer
(D)
highest output per heade
22
Which of the following does not give a characteristics of money?
Answer
(E)
Medium of exchange
23
Which of the following constitute the major components of money supply in a development economy?
Answer
(A)
Demand deposits
24
A point along a consumer's indifference curve shows
Answer
(C)
a combination of two commodities from which he derive the same satisfaction
25
If a monopolist is attempting to maximize profit , which of the following should he attempt to do?
Answer
(B)
Equate marginal cost to marginal revenue
26
The greatest foreign exchange earner for Nigeria before the advent of petroleum was
Answer
(C)
agriculture
27
A budget is define as a
Answer
(E)
summary of expected income and expenditure
28
The real value of money is
Answer
(B)
what it can buy ata a particular time
29
A tax whose rate increases as income increases is
Answer
(B)
a progressive tax
30
Which of the following best describes the multiplier?
Answer
(C)
Ratio of change in income to the expenditure that brought it about
31
Net National Product (NNP) is equal to the
Answer
(B)
Gross National Products (GNP) less depreciation
32
Terms of trade simply means the price
Answer
(C)
ratio of export to import
33
Balance of trade can be define as
Answer
(A)
the value of import in relation to the value of a country's exports
34
Which of the following is not a feature of a perfect market?
Answer
(C)
Preferential treatment
35
Which of the following is the source of raising funds for a public limited liability company in West Africa?
Answer
(E)
Sales of bonds