WAEC - Economics (1996)
1
The ranking of a consumer’s need in order of importance is termed
2
If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is
3
If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are
4
MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the
Answer(C)
utility maximization equation
5
Subsistence agriculture means
Answer(D)
cultivation for household consumption
6
Farm produce are graded, packed and distributed by
7
Localization of industries is
Answer(B)
the concentration of the firm of an industry in a particular area
8
Which of the following correctly illustrates the chain of distribution?
Answer(A)
Manufacturer -> wholesaler -> retailer consumer
9
The natural growth rate of a population is the
Answer(C)
Birth rate minus death rate
10
Decreasing returns to scale implies ta if all factors of production are doubled, output will be
11
Rents and interest are rewards to
Answer(E)
Land and capital respectively
12
The process that leads to an agreement on the condition of service between employer and employee is termed
13
Diminishing return occurs in short run when there is a reduction in the
Answer(D)
Marginal product of the variable factor
14
In production, factory buildings are regarded as
15
The Ownership of a Public Limited Company is made up of
Answer(B)
A minimum of seven shareholders
16
All the following are the economic reasons for establishing public enterprises except the provision of ,
Answer(A)
An avenue for expressing national prestige
17
The unemployment associated with decrease in demand is referred to as
18
Monopoly can best be described as a market in which
Answer(A)
A single seller sells a product which has no close substitute
19
which of the following market structure are imperfect in competition. I monopoly II duopoly III oligopoly
20
Demand-pull inflation results when there is
Answer(B)
execessive demand due to high purchasing power
21
Changes in the value of money can be measured by
22
The efficiency of a country's labour force depends on all the following except
Answer(E)
frequent strikes and lock-outs
23
which of the following is a bank's responsibility to it's shareholders?
24
Answer(D)
borrowing to finance a budget
25
Development banks mainly provides
Answer(C)
capital for development of specific sectors
26
In calculating the Gross National Product (GNP) by the income approach , all the following are included except
27
Exchange control is a weapon used in regulating
28
The current and capital accounts in Nigeria’s balance of payments contain all the following items except
Answer(E)
IMF Standard Drawing Right (SDR)
29
Who bears the greater burden of the indirect tax when the demand for a commodity is inelastic? The
30
Economic growth specifically refers to the
Answer(B)
sustained increase in the output of goods and services per head
31
The hourly wages of five employees of the Nigerian Port Authority are N2.52, N3.96, N9.20, and N3.75 respectively. The median hourly wage is
32
The petroleum industry in Nigeria is an example of a
Answer(A)
capital-intensive industry
33
The international cartel formed to stabilize the world oil market is the
Answer(C)
Organization of Petroleum Exporting Countries
34
The United Nation Conference on Trade and Development (UNCTAD) is a forum designed specifically for discussing the
Answer(E)
better terms of trade in the world
35
The International Monetary Fund (IMF) is an international organization which
Answer(B)
assist countries to solve their balance of payment problems
