WAEC - Economics (2015)
1
Economics is regarded as a science because it?
Sagot(B)
uses scientific method to explain human behaviour
2
which of the following can be described as land
3
An outward shift of the production possibility curve shows that?
Sagot(D)
factors of production are moving outward
4
The following constitute the criteria for identifying an economic system except?
5
A disadvantage of the mean as measure of central tendency is that?
Sagot(A)
is affected by extreme values
6
which of the following is not an effect of many middlemen in the chain of production
7
If the price of floor rises, then bread
Sagot(B)
supply curve will shift to the left
8
which of the following is not a reason for abnormal demand
9
increase in production subsidies will shift
Sagot(B)
the supply curve to the right
10
The market supply curve slopes upward from left to right indicating that?
Sagot(C)
at a lower price, less is supplied
11
if a given change in price brings a proportionately larger change in quantity demanded, the
Sagot(A)
demand is relatively price elastic
12
Government revenue will increase if taxes are levied on goods with?
Sagot(C)
perfectly inelastic demand
13
if the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a
14
In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to?
Sagot(B)
Add MU from the various levels
15
which of the following will not affect the market price of a commodity
Sagot(C)
intersection of demand and supply
16
All the following are methods of determing prices except?
17
The law of diminishing marginal returns relate to?
18
Sagot(D)
adding up the total variable cost and total fixed cost
19
By adding all the marginal products at each level of employment of the variable input, we obtain a value equal to
20
which of the following curves is not U shaped
21
which of the following business organisations is likely to experience disagreements between management and shareholders
22
which of the following is not a method of controlling monopoly
23
which of the following features distinguishes a public limited company from a private limited company
Sagot(D)
sales of shares to the public
24
Inflation may occur if there is?
Sagot(C)
excessive demand with limited supply
25
Frictional unemployment occurs when?
Sagot(B)
job seekers lack information where jobs exist
26
which of the following will increase the demand for labour
27
one reason for low agrictural productivity in most west African countries is that?
Sagot(C)
farmers find it difficult getting help from financial institutions
28
The movement of labour from one grade to an entirely different grade is an example of?
Sagot(C)
vertical occupational mobility
29
which of the following is not a strong basis for trade unions demand for higher wages
Sagot(C)
members of the union have high qualifications
30
The difference between the gross domestic product (GDP) and gross national product (GNP) IS?
31
location of firms of an industry is not influenced by?
32
In national income accounting, the term ''net'' is used to indicate that a value-----
33
which of the following best describes token money?
Sagot(C)
money with face value higher than its material content
34
In developing countries, a larger percentage of the labour force is employed in the
35
An industry is best described as
Sagot(D)
industrial concern that is into production and selling of goods
36
The main item traded on a stock exchange market is
37
The proportion of commercial banks' total assets kept in the form of highly liquid assets is known as
38
which of the following is not an objective of economic planning
Sagot(C)
desire to widen the gap between developing countries and the developed world
39
In order to control inflation, the government should
Sagot(C)
adopt restrictive monetary policy
40
when the demand for foreign exchange exceeds its supply, the value of the domestic currency
41
The export of west A frican countries are mostly composed of
42
A concious effort of government to achieve a specific set of goals is?
43
A country has favourable terms of trade when the prices of her
Sagot(A)
exports rises relative to the price of her imports
44
The abolition of all forms of trade barriers among member countries while maintaining common external tariffs against non members is a feature of a
45
In order to correct adverse balance of payments problem, government should?
Sagot(B)
increase subsidies on exports
