WAEC - Economics (2000)
1
Sagot(C)
goods and services are limited in supply
2
economy problems arises mainly as a result of
Sagot(D)
limitation in the availability of resouces
3
Basic extractive activities are classified as
4
The entire satisfaction that a consumer derived from a successive consumption of a particular commodity is known as
5
A collective data which has not been processed is referred to as
6
Which of the following is a measure of central tendency
7
The quantity supplied of a book per week is represented by the function: Qs + 70 + 1/2 P, At a price of N8.00, the quantity supplied is
8
In production , the formula total product/number of men employed is used to calculate
9
One of the internal economies of large scale production is
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Dividing total variable cost by quantity of output gives
Sagot(D)
Average Variable Cost (AVC)
11
Public enterprises are established mainly to
Sagot(A)
provide basic amenities for the people
12
One important feature of sole proprietorship is that
Sagot(C)
one person bears all the risks
13
The maximum amount of money a company is allowed to raise by issuing shares to the public is called
14
The consumers co-operative society is owned by
15
which of the following is a function of the retailer?
Sagot(C)
stocking variety of goods
16
The supply of labour can be influenced by the
17
Majority of West African labour force is engaged in
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census of population is usually conducted every
19
one economic implication of over-population is that it
Sagot(C)
leads to a fall in per capital income
20
Hassan , an economic teacher in Lagos, resigned his appointment and took yup another job as a banker . The The concept here involves
Sagot(A)
occupational mobility of labour
21
Net migration is the difference between
22
Wages are to some extent, determined by the
Sagot(C)
marginal productivity of labour
23
The movement along the same curve is a
Sagot(B)
change in quantity demanded
24
An industry can best be described as
Sagot(C)
an aggregation of indidvidual firms producing similar commodities
25
An association of workers in a particular industry, firm or line of job is called
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Average Variable Cost (AVC) curve
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The income elasticity of a normal goods is
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The demand for a commodity that serves two or more purposes is
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The charging of different prices to different group of buyers for the same goods or services is called
30
A tax on a commodity whose demand is perfectly inelastic will fall heavily on the
31
The main feature of regressive taxation is that its rate
Sagot(D)
reduces when income increses
32
Which of the following is an item of government recurrent expenditure?
33
Which of the following is an item of government recurrent expenditure?
34
Deficit budget means that government’s
Sagot(B)
Planned expenditure is more than the estimated income
35
The most unique quality of money is its
36
Abstention from consumption which enables capital to be produced is called
37
Which of the following will occur when the market is unstable?
38
Shares and stocks can be bought in the
39
Inflation can best be checked by
Sagot(C)
increasing supply and holding wages constant
40
foreign exchange control in most West African countries is is enforced by the
41
Commercial banks settle their inter-bank indebtedness through
42
which of the following banks grant credit facilities to individuals wishing to build houses?
Sagot(D)
Federal Mortgage Bank of Nigeria
43
Unemployment that arises because of introduction of new machines and equipment in production is called
44
Mono-product economies are those that produce
45
The primary objectives of the Nigerian Industrial Development Banks(NIDB) is the provision of loans to
46
Small enterprises finds it difficult to expand due to
47
The Organization of Petroleum Exporting Countries (OPEC) is a
48
One major export crop in West Africa is
49
Balance of payment deficit implies that a country is
Sagot(A)
importing more than she is exporting
50
West African countries have low level of economic development due to
Sagot(D)
ineffective plan implementation
