WAEC - Economics (1999)
1
The money payment made to owners of land and labour are
2
The price elasticity of coefficient indicates
Answer(D)
consumer responsiveness to price changes
3
every society strive to pursue all the following economic objectives except
Answer(C)
an inequitable distribution of income
4
which of the following best describes capital as a factor of production?
Answer(B)
a stock of physical assets used for production
5
The system whereby goods are exchanged for goods is known as
6
The graph of the function X = a + bY is
7
Productivity , per worker, is best measured by
Answer(D)
total output didvided by number of workers
8
In determining cost economics considers
Answer(C)
implicit and explicit costs
9
The precautionary motive for holding money is to enable the holder to
Answer(B)
overcome unforseesn contigencies
10
In long run, all factors inputs are
11
The benefits that result from concentrating similar firms in an area is referred to as
Answer(D)
external economies of scales
12
Per capita income in any West African country is measured by
Answer(A)
dividing the GNP by total population
13
A priority rating of aggregate individuals wants is called
14
Profits can be calculated by
Answer(A)
subtracting total cost from total revenue
15
The marginal revenue curve of a monopolist is
Answer(B)
downward sloping from left to right
16
when all factor inputs are doubled , the production possibly curve will
17
income elasticity of demand is measurement of the responsiveness of
Answer(B)
quantity demanded to change in income
18
The establishment of industries in rural areas will help to reduce
19
Government imposes taxes mainly to
20
In a perfect market price and quantity to be bought are determined by the
Answer(C)
forces of demand and supply
21
When price elasticity of supply is equal to 0.4, supply is said to be
22
In the money market , money can only be borrowed for
23
Deflation can be controlled by increase in
24
Mortgage banks give loan to investors on long term basis to
25
The situation where by a government spends more than its budgets for a fiscal year is known as
26
In a socialist economy, factors of production are owned and controlled by the
27
One quality of money which makes it possible to be carried easily is its
28
A form of tax in which the poor pay a higher rate than the rich is known as
29
The reduction in the value of a country's currency of other nations is known as
30
The creation of utility can be referred to as
31
Government revenue will increase if tax is imposed on a good whose demand is
32
Occupational distribution of population is mainly influenced by
33
proportional tax refers to
Answer(B)
equal tax rate for all people
34
which of the following is not n item of capital expenditure?
Answer(C)
payment of salaries and wages
35
The population which yields the highest level of income per head is known as
36
Price discrimination can only occur when there is
37
Commodity market can best be described as a market in which
38
Provision of services is classified under
39
In ordinary partnership, the risks are
Answer(C)
shared among the partners
40
balance of trade is define as the relationship between
Answer(D)
visible exports and visible imports
41
which of the following combination of qualities ensures a good tax system?
Answer(B)
Economy convinience, certainty and equity
42
The quantity demanded of a commodity is influenced only by changes
43
which of the following is an indirect tax
44
When a pen and a book is demanded together, the demand is said to be
45
The reward for capital is
