WAEC - Economics (1993)
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Economics is the study of how to
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choose between alternatives, given limited resources
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Scarcity in economics arises because
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resources are limited in supply
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The real cost of a commodity is
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the alternative that has to be forgone in order to purchase it
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Public corporation in West Africa are set up to
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provide welfare service for the people
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Supply in Economics means making
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goods available to the market at a given price and at a given period
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whose demands fall when the income of its consumer increases
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Price elasticity of demand is define as the
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responsiveness of demand to change in price
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The rural area of West Africa lack industries because
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of inadequate infrastructure
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An entrepreneur will locate his industry in a place
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where the cost of production will be minimized
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which of the following reasons is mainly responsible for the inefficient distribution of goods in West African countries?
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poor transportation and communication system
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Which of the following does not apply to private companies?
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accounts have to be publicized
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In , Economics the reward for labour is in the form of
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A nation with a working population that is insufficient to exploit its resources is said to be
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Which of the following may not be included in explaining the term production?
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which of the following business establishment are not motivated mainly by profit?
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Production is not complete until the
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goods reached the final consumer
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which of the following is the correct way to calculate total cost?
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Addition of fixed cost to variable cost
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Robert T. Malthus postulated in his population theory that
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population growth rate may out-grow the means of subsistence
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Division of labour may be restricted when
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Land is often distinguished as a factor of production because it
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which of the following is an advantage of division of labour? It
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the location of timber and plywood industries in West Africa is mainly influenced by the
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presence of a luxuriant forest
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the occupational distribution of population in most West African countries shows the highest concentration in
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agriculture and aalied industries
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The growth of the population is the ?
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annual increase in population
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A situation in which an increase in demand for certain goods leads to a fall in demand for other goods is known as
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A market equilibrium exist when
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demand and supply are equal
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a system of resource allocation through supply and demand interaction
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The main objective of production by entrepreneur is to
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equate marginal revenue with marginal cost
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If price falls below the equilibrium
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Demand will be greater than supply
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Which of the following is not a source of finance for a one-man business?
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Land is a most significant factor in terms of contribution to the economy because
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vital resources from it enrich the economy
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Capital as a factor of production is important because
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it provides money which is essnetial for the growth of business
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A firm's compulsory cost whether it is in production or not , is referred to as its
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A scale of preference is a list
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of consumer's wants arrange in order of importance
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An economic system in which the state owns and controls the means of production is known as
