WAEC - Economics (1992)
1
Economics is a social science because it
Jibu(A)
deals with an aspect of hman behaviour
2
Scarcity in Economics generally refers to
3
Opportunity cost is define as the
4
the most basic concern of economists is to
Jibu(E)
allocate scarce resources to satisfy human wants
5
The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be
6
In Economics production is complete when
Jibu(D)
goods and services reach the consumer
7
which of the following is not a characteristics of money?
8
which of the following defines Economics most comprehensively ?
Jibu(C)
The study of human behaviour in the allocation of scarce resources
9
A society that is on its production possibility curve
Jibu(D)
has attained both full employment and full production
10
Money becomes a very poor store
money becomes a very poor stone of value in a period of
11
Jibu(A)
rate of increase in a country's full employment and real output
12
The market price of a commodity is determine by the
Jibu(D)
interaction of demand and supply
13
if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will
14
Money as a unit of account implies that it can be
Jibu(C)
used to measure the value of goods and services
15
which of the following does not increase the population of country
16
A stockholder partakes of the profit of a l8imited liability business by receiving
17
Jibu(A)
very liquid asset which can be easily converted into money
18
Which of the following is not characteristics of a perfect competition ?
Jibu(C)
supply and demand are equal
19
Which of the following is not a negative effect of inflation
20
Which of the following is not function of central bank
Jibu(C)
Acceptance of deposit from the public
21
Proportional tax is a tax whose
Jibu(A)
percentage rate remains constant as the tax base increases
22
the largest part of the revenue of a country is derived from
23
which of the following is not a good reason for the importation of agriculture in West African countries? it
Jibu(E)
provide raw materials only for foreign industries
24
The comparative cost of doctrine of international trade means specialization in production according to
Jibu(D)
comparative cost advantage
25
The greater burden of the taxes on essential goods is borne by
26
A change in supply implies a
Jibu(C)
shift in supply curve to the left or to the right
27
Which of the following will increase the GNP of an economy?
Jibu(B)
An increase in the proportion of the productively employed population
28
A market condition where profit is maximized when MR = AR = MC = P is known as
29
when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as
30
Jibu(D)
currency in circulation and demand deposits
31
which of the following is not the function of a commercial bank
Jibu(B)
serving as banker to the government
32
inflation caused by increase in demand is known as
33
indirect tax are taxes which
Jibu(E)
are levied on goods and services purchased by individuals and firms
34
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
35
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
