WAEC - Economics (2023)
1
Which of the following is a non-renewable natural resources?
2
The demand for a factor input as a result of the demand for its output is known as
3
If the government stops subsidy on cocoa production, the supply curve of cocoa will
4
A monopolist may enjoy abnormal profit only if its
Answer(D)
price exceeds average total cost
5
The supply of light could be met using a candle, lantern and gas lamp. This is an example of a
6
Industries are sometimes located in areas which are not profitable so as to
Answer(B)
be able to even-out development
7
A government may cause a favourable change in her invisible trade account by
Answer(A)
developing tourism and other services
8
To overcome the problem of double counting under the expenditure approach,
Answer(D)
only spending on final goods are considered
9
At what point on the total product curve shown above will marginal product be negative?
10
National income is calculated mainly to
Answer(D)
determine the level of sectoral performance
11
Assisting members to solve temporary balance of payments problems is the reasons for the establishment of the
Answer(A)
International Monetary Fund
12
Money is able to function more as a medium of exchange when
Answer(D)
there is specialization of labour
13
An economy system is mainly concerned with
Answer(B)
the allocation of scarce resources between alternative ends
14
When the marginal utility from the consumption of commodity X (Mux) is greater than the price commodity X (Px), a rational consumer should
Answer(C)
consume more of commodity X
15
Which of the following items is not classified as working capital?
16
If the demand for a commodity remains constant as price increases, the commodity is said to be
17
Warehousing is an economic activity that falls under
18
The study of economics is mainly concerned with how to
Answer(B)
make choice when resources are inadequate
19
Use the graph above to answer the question
The curve labelled W shows the
20
Resources are pooled for the mutual benefit of its members mainly in a
21
The total fixed cost curve is
22
A small scale firm located within an industrial estate will enjoy
Answer(D)
external economies of scale
23
Country M enjoys absolute advantage over country N in the production of commodities X and Y, if country M
Answer(B)
is more efficient than country N in producing both commodities X and Y
24
Commericial banks help in economic development mainly by
Answer(B)
acting as intermediaries between government and borowers
25
When job vacancies are publicized, the government is mainly trying to solve the problem of
26
An indication that there is inflation in a country is that
Answer(C)
the same amount of money buys lower quantity of goods
27
An example of government's recurrent expenditure is
Answer(D)
paying salaries of workers
28
A fall in the price of a normal commodity which has elastic demand will result in
29
The dependency ratio of a country is the
Answer(A)
the children and aged who rely on the active population for support
30
When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will
31
Consumers have access to a variety of goods through the activities of the
32
The malthusian theory of population is best illustrated when
Answer(D)
population increases much faster than food supply
33
The Net National Product (NNP) of a country is $50m while the depreciation allowance is $10m. The Gross National Product (GNP) is
34
The rate of growth of population is
Answer(C)
birth rate less death rate plus net migration
35
The price level and the value of money are
36
One of the factor that may not promote industrial development is
Answer(D)
granting old firms tax exemptions
37
If a firm retrenches some of its factory workers its
Answer(B)
variable cost will decline
38
Many workers are employed in the agricultural sector of developing countries because
Answer(A)
labour intensive method is mostly adopted
39
Taxes levied on goods and services by government are called
40
The average revenue curve of a firm in a perfect market is the same as the
41
The most liquid asset among the following is
42
Petrol and Kerosene are jointly obtained from crude oil. If the supply of petrol increases, the
Answer(B)
supply of kerosene will rise
43
The fixing of maximum prices by government is mainly on
44
When more of tax on a product is borne by the buyer than the seller, the commodity involved has
45
The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5,7, 6, 8, 9 and 7. What is the median mark?
