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WAEC - Economics (2010)

1
The following are examples of economic goods except
Answer
(B)
air
2
A tent-making factory offers
Answer
(B)
indirect services
3
In which of the following economic system do we have mostly private ownership of resources and individual decision making?
Answer
(A)
Capitalist system
4
The sum of items divided by the number of items is the
Answer
(B)
mean
5
Find the median of the following set of scores 8,9,6,5,10
Answer
(B)
8
6
Which of the following causes the demand curve to shift to the right?
Answer
(B)
an increase in the income of the buyer
7
Goods for which demands rises as income rises are
Answer
(C)
normal goods
8
The slope of a supply curve is
Answer
(C)
positive
9
Equilibrium price is the price at which quantity
Answer
(C)
demand is equal to quantity supplied
10
A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to
Answer
(D)
rise
11
At the highest level of total utility, marginal utility is
Answer
(D)
zero
12
The law of diminishing marginal utility state that, the more a commodity is consumed the
Answer
(D)
lower the rate of increase in the total utility derived
13
Greater inter-dependence among workers in production is associated with
Answer
(C)
division of labour
14
If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?
Answer
(D)
TC = FC + VC
15
The reward to land as a factor of production is
Answer
(B)
rent
16
A firm is said to be a public joint stock company when it
Answer
(B)
sells its shares to members of the public
17
All the following are source of finance to a joint stock company except
Answer
(B)
cooperative loans
18
The public sector of an economy includes
Answer
(B)
nationalized industries
19
One advantage of the Sole Proprietorship over other forms of business organization is that it can
Answer
(C)
keeps its affair private
20
Which of the following is obtainable in a perfect market?
Answer
(D)
P = MR = MC
21
The wholesaler performs the following function except
Answer
(B)
offering credit facilities to the consumers
22
A country whose population size is too small relative to its resource is
Answer
(C)
under populated
23
An efficient weapon used in resolving dispute between employers and employees is
Answer
(B)
collective bargaining
24
Which of the following does not explain why a school principal earns more salary than a school messenger?
Answer
(C)
cost of training
25
The role of government in promoting agricultural development includes the following except
Answer
(A)
paying the wages of farmers
26
The following are advantages of large scale agriculture except
Answer
(A)
use of simple implements
27
The following are all factors determining the location of industry except
Answer
(A)
minimum wage rate
28
Which of the following is not a concept in National Income Accounting?
Answer
(A)
Domestic National Products (DNP)
29
Which of the following equation is appropriate for determining the Net Domestic Product (NDP)?
Answer
(C)
NDP = GDP - depreciation
30
Which of the following over estimates the value of national income?
Answer
(D)
double counting
31
The total stock of money available for use in an economy is
Answer
(D)
the supply of money
32
Which of the following is not a reason for holding money?
Answer
(A)
Ostentation
33
The best way of combating demand-pull inflation is to
Answer
(A)
increase income taxes
34
In which of the following ways has inflation adversely affected your country’s economy?
Answer
(B)
a fall in real income
35
Which of the following is a legal tender?
Answer
(A)
bank notes
36
The Central Bank controls money supply through all the following except
Answer
(A)
lending to the publics
37
One of the functions of the Central Bank is
Answer
(B)
issuing of currency
38
The function of the Central Bank as the lender of last resort means that when all other sources fail,
Answer
(C)
commercial banks can raise loans from the Central Bank
39
One disadvantages of direct taxes is that they
Answer
(D)
can be evaded
40
Excise duty is levied on
Answer
(B)
local products
41
A component of the national debt of a country is
Answer
(D)
treasury bills
42
When the demand for a good is fairly inelastic, the burden of an indirect tax falls
Answer
(A)
more on the consumers of the goods
43
Dumping means the selling of a good in a foreign market at a price that is
Answer
(A)
below the home market price
44
Which of the following group of accounts make up the balance of payments?
Answer
(D)
Capital account; current account and monetary movement account
45
A country's balance of payment is deficit when
Answer
(D)
the total payment for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods