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WAEC - Economics (2015)

1
Economics is regarded as a science because it?
Answer
(B)
uses scientific method to explain human behaviour
2
which of the following can be described as land
Answer
(C)
roads
3
An outward shift of the production possibility curve shows that?
Answer
(D)
factors of production are moving outward
4
The following constitute the criteria for identifying an economic system except?
Answer
(B)
scarcity of resources
5
A disadvantage of the mean as measure of central tendency is that?
Answer
(A)
is affected by extreme values
6
which of the following is not an effect of many middlemen in the chain of production
Answer
(B)
low retail prices
7
If the price of floor rises, then bread
Answer
(B)
supply curve will shift to the left
8
which of the following is not a reason for abnormal demand
Answer
(A)
price of the commodity
9
increase in production subsidies will shift 
Answer
(B)
the supply curve to the right
10
The market supply curve slopes upward from left to right indicating that?
Answer
(C)
at a lower price, less is supplied
11
if a given change in price brings a proportionately larger change in quantity demanded, the
Answer
(A)
demand is relatively price elastic
12
Government revenue will increase if taxes are levied on goods with?
Answer
(C)
perfectly inelastic demand
13
if the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a
Answer
(B)
good of ostentation
14
In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to?
Answer
(B)
Add MU from the various levels
15
which of the following will not affect the market price of a commodity
Answer
(C)
intersection of demand and supply
16
All the following are methods of determing prices except?
Answer
(D)
auctioning
17
The law of diminishing marginal returns relate to?
Answer
(D)
marginal utility
18
Total cost is obtain by?
Answer
(D)
adding up the total variable cost and total fixed cost
19
By adding all the marginal products at each level of employment of the variable input, we obtain a value equal to 
Answer
(B)
total product
20
which of the following curves is not U shaped
Answer
(B)
average fixed cost curve
21
which of the following business organisations is likely to experience disagreements between management and shareholders
Answer
(D)
joint-stock company
22
which of the following is not a method of controlling monopoly
Answer
(A)
preventing mergers
23
which of the following features distinguishes a public limited company from a private limited company
Answer
(D)
sales of shares to the public
24
Inflation may occur if there is?
Answer
(C)
excessive demand with limited supply
25
Frictional unemployment occurs when?
Answer
(B)
job seekers lack information where jobs exist
26
which of the following will increase the demand for labour
Answer
(C)
low wage rate
27
one reason for low agrictural productivity in most west African countries is that?
Answer
(C)
farmers find it difficult getting help from financial institutions
28
The movement of labour from one grade to an entirely different grade is an example of?
Answer
(C)
vertical occupational mobility
29
which of the following is not a strong basis for trade unions demand for higher wages
Answer
(C)
members of the union have high qualifications
30
The difference between the gross domestic product (GDP) and gross national product (GNP) IS?
Answer
(C)
net income from abroad
31
location of firms of an industry is not influenced by?
Answer
(B)
existence of other firms
32
In national income accounting, the term ''net'' is used to indicate that a value-----
Answer
(D)
excludes depreciation
33
which of the following best describes token money?
Answer
(C)
money with face value higher than its material content
34
In developing countries, a larger percentage of the labour force is employed in the
Answer
(C)
primary sector
35
An industry is best described as 
Answer
(D)
industrial concern that is into production and selling of goods
36
The main item traded on a stock exchange market is 
Answer
(D)
new shares
37
The proportion of commercial banks' total assets kept in the form of highly liquid assets is known as 
Answer
(A)
demand deposit
38
which of the following is not an objective of economic planning
Answer
(C)
desire to widen the gap between developing countries and the developed world
39
In order to control inflation, the government should
Answer
(C)
adopt restrictive monetary policy
40
when the demand for foreign exchange exceeds its supply, the value of the domestic currency 
Answer
(B)
depreciates
41
The export of west A frican countries are mostly composed of
Answer
(B)
raw materials
42
A concious effort of government to achieve a specific set of goals is?
Answer
(A)
economic planning
43
A country has favourable terms of trade when the prices of her 
Answer
(A)
exports rises relative to the price of her imports
44
The abolition of all forms of trade barriers among member countries while maintaining common external tariffs against non members is a feature of a
Answer
(D)
economic union
45
In order to correct adverse balance of payments problem, government should? 
Answer
(B)
increase subsidies on exports