WAEC - Economics (2013)
1
The action of government to forgo road construction in order to provide more health facilities denotes
2
In Economics , a market is defined as any
Answer(D)
arrangement whereby the buyers and sellers are in contact
3
Which of the following is not a function of an insurance company?
Answer(D)
collection of deposits from the public for investment
5
All economic systems must decide what to produce because
Answer(C)
resources are limited in supply
6
Trade between two countries is known as
7
In the balance of payments of a country, tourism is classified under
8
General rise in the price level induced by increased price of inputs is referred to as
9
Which of the following is a function of merchant banks?
Answer(D)
underwriting and issuing of shares
10
A budget is balance when expected total revenue is
Answer(C)
equal to expected expenditure
11
A co-operative society is a
Answer(B)
self -help business organization
12
The value of money is effected by the
13
Which of the following is a function of money?
14
Which of the following is an asset of a commercial bank?
15
An increase in the supply of a commodity X automatically results in an increase in the supply of another commodity Y. This is a cause of
16
Why would an individual increase his level of consumption during inflationary periods?
Answer(A)
The real value of any amount saved falls over time
17
The type of monopoly that develops as a result of uneven distribution of resources is called
18
Goods which have to be paid for are known as
19
Goods are said to be in competitive demand when they are
20
In the long term run factors of production are considered to be
21
Which of the following will enhance productivity in an economy?
22
Post harvest losses in West African countries can be reduced if
Answer(C)
better storage facilities could be provided
23
Which of the following best explains what to produce?
Answer(C)
Which goods and services to be produced
24
The demand for money is described as a
25
Which of the following is the main outcome of a trade union's interference with the wage rate? Wages are
Answer(C)
increased and employment levels are unchanged
26
The introduction of tariffs and quotas
Answer(B)
increase the demand for locally made goods
27
A government that wants to get more revenue will increase the tax on commodities with a
Answer(B)
low price elasticity of demand
28
Which of the following is involved in the money market?
29
Demand pull inflation can aptly be described as
Answer(C)
persistent rise in prices due to increase in expenditure
30
In order to develop the banking habit of rural dwellers, the traditional money lenders should be
31
All rates of interest in a country are influenced by the
32
Exchange control is a weapon used in regulating
33
When the marginal product is negative,the total product will be
34
Physical productivity is affected by all the under listed factors except the
35
If a commodity has a high marginal utility, its market price will be
36
Price fluctuation is a feature of
37
Which of the following statements is not a feature of a monopoly?
Answer(B)
Buyers and sellers are price takers
38
The following are advantages of sole proprietorship except
Answer(C)
assurance of raising huge capital for expansion
39
Which of the following controls a limited liability company?
40
Given that Qd = 80 - 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is $3?
41
The main advantage of large scale production is that
Answer(A)
unit cost of production falls
42
Which of the following items is not included in measuring national income by the income approach?
Answer(C)
Student's grants and scholarships
43
Gold, diamond, iron ore and limestone are collectively referred to as
44
Points outside a production possibility curve indicate
Answer(A)
unattainable production levels
45
The International Bank for Reconstruction and Development (IBRD) is important to developing nations because it
Answer(B)
offers loans for public projects
