WAEC - Economics (2011)
2
The difference between the money cost and the real cost of any item is that
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real cost is the alternative forgone while the money cost is the actual amount paid for buying the item
3
The production possibility curve (PPC) indicates that as more of one good is produced.
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less of the other goods is produced
4
An arrangement of data in rows and columns is referred to as
5
A normal demand curve slopes
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downward from left to right
6
The co-efficient of income elasticity of demand for inferior goods is
7
If a 20% rise in price of Whiskey leads to a 30% increase in quantity demanded of Schnapps, the cross elasticity of demand is
8
Palm oil and palm kernel have
9
A supply curve which is vertical has an elasticity co-efficient of
10
if the current price of an apple is twice that of last year, it implies that the value of money is
11
price fixed above the equilibrium is to
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protect agricultural producers
12
A consumer purchasing a commodity X will maximize his satisfaction if
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When total utility is constant, it means marginal utility is
14
A rational consumer is one who
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spends his income to maximize satisfaction
15
which of the following is not true about land?
16
The type of production that involve the tapping and harnessing of natural resources is
17
which of the following does not change in the short run?
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The resource used in production are called
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A firm will shut down in the long run if its earning is
20
A market structure where profit is maximized when marginal revenue, marginal cost and price are equal is known as
21
In which of the following markets does a firm have power to make super normal profits both in the short run and long run?
22
If there are no barriers to entering a market, it means that
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anyone can become a buyer or a seller
24
One good reason for the elimination of middle men is that they
25
The increase in population growth in big cities is referred to as
26
Frictional unemployment can be reduced by
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encouraging the use of retaining schemes
27
If the labour force of a country is 2.5 million and 2 million are employed , what is the unemployment rate?
28
The grouping of the population according to the economic activities people engage in is
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occupational distribution
29
Natural growth rate of population can be defined as the
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difference between birth rate and death rate
30
which of the following is not a consequence of increased unemployment?
31
The following are features of subsistence agriculture except
32
Which of the following is not true of small companies ? they
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Have a good record of technical innovation
33
The effect of privatization on the industrial sector of a country is that it
34
The production strategy used in an over-populated country is
35
National income is used to measure
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a country's economic growth
36
A tax is regressive if the
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rate of tax decrease as income increases
37
When a country's net income from abroad is added to its total output, the result is
38
A fall in national output will necessitate
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a rise in the level of savings
39
The demand for money to take advantage of changes in bond prices is the
40
Cost push inflation is caused by a
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rise in the cost of production
