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WAEC - Economics (2018)

1
Economic problem arise in all society because?
Answer
(C)
resources are not in adequate supply
2
which of the following is not emphasized in a production possibility curve
Answer
(B)
economic development
3
the organisation of productive factors is the reponsibility of the?
Answer
(B)
entrepreneur
4
producers operating in a free market economy are more efficient as a resulf of?
Answer
(A)
the existence of competition
5
a downward sloping demand curve means that?
Answer
(B)
demand falls as output rises
6
if the price of commodity X rises and consumers shift to commodity Y, then commodity X and Y are?
Answer
(A)
substitutes
7
goods whose demand vary directly with money income are called?
Answer
(D)
normal goods
8
an exceptional demand curve can result from?
Answer
(C)
expectation of future price increase
9
palm oil and palm kernel are in?
Answer
(A)
joint supply
10
which of the following is true about supply of land?
Answer
(D)
is fixed
11
the backward bending supply curve of labour indicates?
Answer
(C)
that labour supply and wage are directly related
12
A supply curve parallel to the X- axis indicates?
Answer
(B)
infinitely elastic supply
13
if the marginal utility of a commodity is equal to its price then
Answer
(C)
total utility is also equal to its price
14
A price floor is usually fixed 
Answer
(D)
above the equilibrium and causes surplus
15
A market is in equilibrium when?
Answer
(B)
the demand is the same as the supply
16
A firm average cost decreases in the longrun because?
Answer
(A)
increasing returns to scale
17

The larger a firm, the lower its cost of production

This statement explains the?

Answer
(B)
concept of economies of scale
18
in the the longrun, a firm must shut down if its average revenue is?
Answer
(B)
less than average variable cost
19
public limited liability companies are democratic in nature because?
Answer
(D)
shareholders elect the board of directors
20
in the event of bankruptcy owners of joint-stock companies lose?
Answer
(C)
only the capital invested
21
wholesalers play an important role in the distribution of goods and services because they?
Answer
(B)
finance both producers and retailers
22
if workers at the school canteen sell during the holidays, this is an example of?
Answer
(C)
seasonal unemployment
23
positive checks as envisaged by Thamos Malthus can be prevented if
Answer
(D)
more restraint is adopted
24
which of the following factors is not a reason for farmer's unstable incomes
Answer
(A)
dependence on too many crops
25
local firms can help in reducing unemployment in a country when?
Answer
(B)
imports of substitutes are reduced
26
an industry is described as a group of firms
Answer
(C)
which produces similar products
27
The largest component of national income in developing countries consist of?
Answer
(D)
wages and salaries
28
A baker bought flour and other ingredients for $250.00, spent $52.00 on distribution, sold the bread for $320.00. the value added by the baker is?
Answer
(C)
$18.00
29
in a country with large population of full-time housewives, national income 
Answer
(D)
figures will be grossly under-stated
30
demand pull inflation is likely to be caused by?
Answer
(A)
an increase in the cost of factors inputs
31
Holding money to take care of contigencies is?
Answer
(C)
a precautionary motive
32
if a housewife has meat and tomatoes, she must find someone who wants meat and has tomatoes to give. this concept is described as?
Answer
(D)
double of coincidence of wants
33
the stock exchange is an example of the?
Answer
(D)
capital market
34
what happens when the central bank increases bank rate in an economy
Answer
(A)
borrowing is discouraged
35
income is redistributed when the rich are progressively taxed and?
Answer
(C)
more public goods are provided
36
in order to increase revenue, government should tax commodities for which demand is? 
Answer
(A)
perfectly price inelastic
37
which of the following activities will not lead to economic growth?
Answer
(D)
massive importation of consumer goods
38
the poorer the country, the larger the percentage of labour force engaged in?
Answer
(A)
Agricultural
39
which of the following measure can be adopted to stabilize the external value of the local currency?
Answer
(D)
reduce the demand for imports
40
which of the following is not a measure for reducing balance of payments deficits?
Answer
(B)
reducing tarriffs
41
Nations engage in international trade because of difference in?
Answer
(B)
comparative cost
42
one advantage of international trade is that
Answer
(D)
it makes possible the consumption of variety of goods
43
which of the following forms of economic integration is a member nation free to impose duty against
Answer
(D)
economic community
44
The International bank for reconstruction and development (IBRD) performs the following functions except?
Answer
(C)
reducing tariff among members
45
An electrical engineer who is teaching physics in a secondary school is said to be 
Answer
(A)
under-employed