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WAEC - Economics (2017)

1
Economics is regarded as a science because?
Answer
(B)
it adopts scientific methods in making its analysis
2
the opportunity cost of a worker going to the university  is
Answer
(C)
the wages given up to attend the university
3
which of the following items is not an example of circulating capital
Answer
(D)
machinery
4
in a market economy, the problem of what goods to produced is solved primarily by
Answer
(B)
the pattern of consumers spending
5
if the weight of five puppies in kilograms are 3.5, 3.0, 4.2, 5.0 and 4.3, then mean weight of the puppies is?
Answer
(B)
4.0 kg
6
if the coefficient of cross elasticity of demand for goods Y and Z is positive, the two goods are?
Answer
(B)
substitutes
7
The difference between demand and wants is in the
Answer
(C)
ability to pay for the commodity
8
A demand curve parallel to the Y-axis indicates
Answer
(C)
perfectly inelastic
9
which of the following is an example of derived demand
Answer
(B)
labour
10
A rightward shift in the supply curve of a commodity is brought about by an increase in?
Answer
(B)
the price of the commodity
11
Effective supply is the total amount of a commodity 
Answer
(C)
offered for sale at a market place
12
price elasticity of supply can be influenced by the following factors except?
Answer
(D)
nature of the product
13
increase in the supply of a product can be caused by?
Answer
(C)
a fall in the cost of production
14
a rational consumer will purchase a product whose price is?
Answer
(C)
equal to his marginal utility
15
parallel markets are usually the results of 
Answer
(C)
price legislation
16
Another term for equilibrium price is?
Answer
(C)
market clearing price
17
when a firm is enjoying internal economies of scale, its?
Answer
(C)
average cost of production decreases as output increases
18
The specialization of labour enhances production because people?
Answer
(D)
become experts in all areas of production
19
which of the following can be added to a firm's profit to obtain total revenue
Answer
(D)
total revenue
20
The amount of money that a firm recieves from the sales of its output is called
Answer
(B)
total revenue
21
which of the following is trueof the monopolist
Answer
(B)
He determines both price and output
22
Equity shares form the bulk of the capital of a?
Answer
(B)
public company
23
if a state owned firm is sold through the stock market, the organisation becomes?
Answer
(C)
public limited company
24
The total number of people of working age who are willing and prepared to work at a given wage rate is the 
Answer
(A)
labour force
25
A civil engineer who accepts to teach elementary science in a primary school because he cannot get a paid engineering job is an example of?
Answer
(A)
structural unemployment
26
which of the following is an implication  of a large population
Answer
(C)
decrease in standard of living
27
The system of agriculture which involves the cultivation of crops and rearing of animals for family consumption only is termed?
Answer
(D)
subsistent farming
28
which of the following is a threat to the existence of middlemen
Answer
(A)
consumers cooperative society
29
which of the following is a threat to the existence of middlemen
Answer
(A)
consumers cooperative society
30
in an industrial area, the location of industries is particularly influenced by ?
Answer
(B)
external economies
31
which of the following is a transfer income
Answer
(C)
pensions
32
the value added method used in measuring national income is to 
Answer
(D)
add net factor income from abroad
33
which of the following is most likely to be of benefit to a debtor
Answer
(A)
inflation
34
A measure of the value of money in an economy is the
Answer
(B)
general price
35
one of the major functions of money is?
Answer
(A)
medium of exchange
36
The function that distinguishes commercial banks from the central bank is that the former 
Answer
(B)
accepts deposits from the public
37
Direct taxes include?
Answer
(D)
capital gain tax
38
The control of aggregate demand through changes in government spending and tax rates is referred to as?
Answer
(D)
fiscal policy
39
which of the following is not a feature of economic underdevelopment 
Answer
(B)
high productivity
40
one way of speeding up the economic development of a country is by encouraging
Answer
(D)
savings and investment
41
Dumping in international occurs when a foreign firm sells
Answer
(D)
below its cost of production in a foreign market
42
Infant industries can be described as?
Answer
(A)
newly established industries
43
Modern international trade is based on the principle of?
Answer
(B)
comparative advantage
44
which of the following terms of trade is recorded in a country's current account section of the balance of payments
Answer
(A)
investment income
45
one problem facing the economic integration of countries in west Africa is the
Answer
(B)
uneven development among west African countries