WAEC - Economics (2008)
1
The main concern of economists is to
Answer(A)
allocate scarce resouces to satisfy human wants
2
Productive resources can also be called
3
Production covers all the following except when
4
Data presented in tables are usually arranged in
5
The theory of diminishing marginal utility states that as more units of a commodity are consumed, the
Answer(A)
satisfaction from an extra unit decreases
6
Which of the following factors does not cause a change in demand
7
If good P and Q are jointly demanded, an increase in the price of P will likely
Answer(D)
decrease the quantity demanded of Q
8
The gap between demand and supply curves above the equilibrium price is
9
A major function of the price mechanism is that it determines the
10
Which of the following determinants of supply cannot be predicted easily?
11
If the co-efficient of elasticity of demand is 1.5, then the demand is
12
Small scale enterprises are important in a country because
Answer(D)
they render personalized service to the consumers
13
In the long run all factors of production are
14
The transformation curve slopes indicate that
Answer(A)
opportunity cost of producing one commodity for another
15
Which of the following is regarded as fixed cost?
16
Answer(B)
price of goods multiplied by the quantity sold
17
A business outfit is said to be a public limited company when it
Answer(D)
sells its shares to members of the public
18
The main characteristics of an ordinary shares are
Answer(C)
maximum risks, variable dividends, voting rights
19
the monopolist can determine
20
A market situation with a larger number of firms selling closely related but, differentiated products is
21
equilibrium under perfect competition requires that
22
The purely competitive firm should close down when its price is less than its
23
During a sale by auction, the price at which the goods finally sold is determined mostly by
24
which of the following does not affect a country's population?
25
The trade unions in West Africa have achieved the following for the workers except
Answer(C)
competitive determination of wage rate
26
The employer's demand curve for labour is represented by the
Answer(A)
marginal product curve of labour
27
agriculture plays a dominant role in our country because
Answer(B)
it employs more than 50% of the total labour force
28
the main objective of specialization is to
29
industry can be define as
Answer(B)
group of firms producing similar commodities
30
Which of the following is a disadvantage of large scale production?
31
Which of the following is a disadvantage of large scale production?
32
The national income off a country can be estimated through the
33
A medium of exchange which is generally acceptable is
34
Since money is demanded for what it can buy, the demand is said to be
35
The supply of money in the economy includes
Answer(D)
bank notes, coins and bank deposits
36
A continuous fall in the general price level is called
37
The indicator of the value of money is
38
The Central Bank can restrict credit through
39
Creation of money by commercial bank is done by
40
Public finance is basically an analysis of the
Answer(A)
income and expenditure of government
41
All indirect taxes tend to be
42
Which of the following will have a more destabilizing effect on the economy?
43
An important feature of economic development is
44
Trades among nations is desirable because
Answer(B)
makes it possible for people in a country to enjoy the goods and services produced in other countries
45
Invisible trade refers to trade in?
