ExamPlay Dark Logo
Пријавите се

WAEC - Economics (2021)

  • 1
    The study of economics IS Important to every society because it______ 
    Одговорити
    (B)
    Helps in the utilization of scarce resources.
  • 2
    A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes Is the________
    Одговорити
    (C)
    Handbag and Jewelry.
  • 3
    The distinguishing function of an entrepreneur is_______
    Одговорити
    (C)
    Risk-bearing.
  • 4
    When a commodity market operates without government interference, commodities are distributed through_______
    Одговорити
    (B)
    The operation of price mechanism.
  • 5
    One way of obtaining the median of a given data is to__________
    Одговорити
    (D)
    Arrange the data in either ascending or descending order and find what item divides the set in two equal parts.
  • 6
    An increase in the rice harvest, all things being equal, may cause____________
    Одговорити
    (B)
    Price to fall substantially.
  • 7
    The demand for wood and labour is an example of______
    Одговорити
    (C)
    Derived demand
  • 8
    What will be the reaction of consumers in a market if there is a fall in the price of the substitute commodity X?
    Одговорити
    (C)
    Demand for commodity X will decrease
  • 9
    An increase in market supply is caused by the following factors except_________
    Одговорити
    (C)
    A reduction in the cost of raw materials.
  • 10
    The coefficient of price elasticity of supply of land is usually____________
    Одговорити
    (C)
    Zero
  • 11
    The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply_________
    Одговорити
    (C)
    Fairly elastic.
  • 12
    The leftward shift in the supply curve for a commodity indicates_________
    Одговорити
    (B)
    A decrease in supply.
  • 13
    Market supply may increase if there is an increase in the________
    Одговорити
    (A)
    Price of the product
  • 14
    Government can increase farmers' incomes by__________
    Одговорити
    (B)
    Fixing minimum prices.
  • 15
    When market supply increases , the equilibrium price_________
    Одговорити
    (B)
    Falls and quantity rises.
  • 16
    The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?
    Одговорити
    (B)
    $15.00
  • 17
    The output of an extra unit of an input is referred to as________
    Одговорити
    (B)
    Marginal product of the input
  • 18
    The law of diminishing returns is applicable to the__________
    Одговорити
    (B)
    variable factors of production.
  • 19

    A firm incurred the following costs in production. Use the information in the table to answer the question below.

    Output
    (bags of rice    		 0 10 20 30 40 50 60
    Total Cost ($) 100 200 300 380 440 520 600

     

    The fixed cost of production is___________

    Одговорити
    (A)
    $I00.
  • 20

    A firm incurred the following costs in production. Use the information in the table to answer the question below.

    Output
    (bags of rice    		 0 10 20 30 40 50 60
    Total Cost ($) 100 200 300 380 440 520 600

     

    The average cost of producing 40 bags of rice is_____

    Одговорити
    (B)
    $11
  • 21
    The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve____ 
    Одговорити
    (B)
    slopes down to the right and is below the AR curve.
  • 22
    A major source of finance to the Railway Corporation in West African countries is_______
    Одговорити
    (B)
    government subvention
  • 23
    Separation of ownership of resources and their control is mostly found in a __________
    Одговорити
    (C)
    joint stock company
  • 24
    By passing the middlemen in the chain of distribution can lead to _________
    Одговорити
    (A)
    a problem of unemployment of labour
  • 25
    Two factors which can improve the efficiency of labour are_________
    Одговорити
    (C)
    work environment and health status of workers
  • 26

    The age distribution of a country's population is shown below. Use the information is answer the question below.

    Age group (YEARS) Population
    0 - 15
    16 - 40
    41 - 60
    Over 60    		 30%
    45%
    15%
    10%

     

    What is the percentage of the working population?

     

    Одговорити
    (B)
    60%
  • 27

    The age distribution of a country's population is shown below. Use the information is answer the question below.

    Age group (YEARS) Population
    0 - 15
    16 - 40
    41 - 60
    Over 60    		 30%
    45%
    15%
    10%

     

    What is the dependency ratio?

    Одговорити
    (A)
    2:3
  • 28
    The supply of land for agricultural purpose can be increased through _______
    Одговорити
    (B)
    reclamation and irrigation
  • 29
    Non-economic factors that influence the location of firms include ________
    Одговорити
    (D)
    the activities of politicians in deciding location of firms
  • 30
    Which of the following is not an argument for the policy of privatization in West Africa?
    Одговорити
    (B)
    Government is able to participate and control the operation of the privatized businesses
  • 31

    Use this data below to answer the question

    The following data relates to the national income of a country.
    Gross domestic product = $2800
    Net factor income from abroad = $250
    Depreciation = $700
    Indirect taxes = $120

     

    What is the country's Gross National (GNP)?

    Одговорити
    (B)
    $ 2.680
  • 32

    Use this data below to answer the question

    The following data relates to the national income of a country.
    Gross domestic product = $2800
    Net factor income from abroad = $250
    Depreciation = $700
    Indirect taxes = $120

     

    What is the country's Net National Product (NNP) at factor cost?

    Одговорити
    (C)
    $2,230
  • 33
    The standard of living in two countries can be compared using the___________
    Одговорити
    (D)
    gross national product per head
  • 34
    Government can curb inflation by_________
    Одговорити
    (D)
    selling securities in the open market
  • 35
    Functions of money does not include_______
    Одговорити
    (D)
    general acceptability.
  • 36
    Demand-pull inflation can be as a result of___________
    Одговорити
    (C)
    deficit financing by the government.
  • 37
    An increase in cash ratio by the central bank will_______
    Одговорити
    (D)
    Reduce the supply of money.
  • 38
    When a government cuts down her expenditure to reduce inflation, she has embarked on___________
    Одговорити
    (A)
    A restrictive Fiscal policy.
  • 39
    In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on_______
    Одговорити
    (A)
    Textile materials with elastic demand
  • 40
    People who dispose of their assets are expected to pay ______________
    Одговорити
    (B)
    capital gains tax
  • 41
    A floating exchange rate means that the exchange rate is fixed by the __________
    Одговорити
    (B)
    Forces of demand and supply
  • 42
    A measure that can be adopted to correct a country 's balance of payments deficit is ____________
    Одговорити
    (C)
    Adopt import substitution strategy
  • 43
    Records of a country's invisible trade are recorded in her_____________-
    Одговорити
    (C)
    Current account
  • 44
    If a country's import bill is high, she can encourage exports by___________
    Одговорити
    (A)
    Allowing her currency to depreciate
  • 45
    If a country imposes a barrier on trade, the resultant effect will be _________
    Одговорити
    (C)
    an increase in the demand for locally produced goods