WAEC - Economics (2021)

• 1

  The study of economics IS Important to every society because it______ 

  Trả lời

  (B)

  Helps in the utilization of scarce resources.
• 2

  A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes Is the________

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  (C)

  Handbag and Jewelry.
• 3

  The distinguishing function of an entrepreneur is_______

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  (C)

  Risk-bearing.
• 4

  When a commodity market operates without government interference, commodities are distributed through_______

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  (B)

  The operation of price mechanism.
• 5

  One way of obtaining the median of a given data is to__________

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  (D)

  Arrange the data in either ascending or descending order and find what item divides the set in two equal parts.
• 6

  An increase in the rice harvest, all things being equal, may cause____________

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  (B)

  Price to fall substantially.
• 7

  The demand for wood and labour is an example of______

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  (C)

  Derived demand
• 8

  What will be the reaction of consumers in a market if there is a fall in the price of the substitute commodity X?

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  (C)

  Demand for commodity X will decrease
• 9

  An increase in market supply is caused by the following factors except_________

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  (C)

  A reduction in the cost of raw materials.
• 10

  The coefficient of price elasticity of supply of land is usually____________

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  (C)

  Zero
• 11

  The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply_________

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  (C)

  Fairly elastic.
• 12

  The leftward shift in the supply curve for a commodity indicates_________

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  (B)

  A decrease in supply.
• 13

  Market supply may increase if there is an increase in the________

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  (A)

  Price of the product
• 14

  Government can increase farmers' incomes by__________

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  (B)

  Fixing minimum prices.
• 15

  When market supply increases , the equilibrium price_________

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  (B)

  Falls and quantity rises.
• 16

  The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

  Trả lời

  (B)

  $15.00
• 17

  The output of an extra unit of an input is referred to as________

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  (B)

  Marginal product of the input
• 18

  The law of diminishing returns is applicable to the__________

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  (B)

  variable factors of production.
• 19

  A firm incurred the following costs in production. Use the information in the table to answer the question below.

  Output (bags of rice	0	10	20	30	40	50	60
  Total Cost ($)	100	200	300	380	440	520	600

   

  The fixed cost of production is___________

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  (A)

  $I00.
• 20

  A firm incurred the following costs in production. Use the information in the table to answer the question below.

  Output (bags of rice	0	10	20	30	40	50	60
  Total Cost ($)	100	200	300	380	440	520	600

   

  The average cost of producing 40 bags of rice is_____

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  (B)

  $11
• 21

  The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve____ 

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  (B)

  slopes down to the right and is below the AR curve.
• 22

  A major source of finance to the Railway Corporation in West African countries is_______

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  (B)

  government subvention
• 23

  Separation of ownership of resources and their control is mostly found in a __________

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  (C)

  joint stock company
• 24

  By passing the middlemen in the chain of distribution can lead to _________

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  (A)

  a problem of unemployment of labour
• 25

  Two factors which can improve the efficiency of labour are_________

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  (C)

  work environment and health status of workers
• 26

  The age distribution of a country's population is shown below. Use the information is answer the question below.

  Age group (YEARS)	Population
  0 - 15 16 - 40 41 - 60 Over 60	30% 45% 15% 10%

   

  What is the percentage of the working population?

   

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  (B)

  60%
• 27

  The age distribution of a country's population is shown below. Use the information is answer the question below.

  Age group (YEARS)	Population
  0 - 15 16 - 40 41 - 60 Over 60	30% 45% 15% 10%

   

  What is the dependency ratio?

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  (A)

  2:3
• 28

  The supply of land for agricultural purpose can be increased through _______

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  (B)

  reclamation and irrigation
• 29

  Non-economic factors that influence the location of firms include ________

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  (D)

  the activities of politicians in deciding location of firms
• 30

  Which of the following is not an argument for the policy of privatization in West Africa?

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  (B)

  Government is able to participate and control the operation of the privatized businesses
• 31

  Use this data below to answer the question

  The following data relates to the national income of a country.
  Gross domestic product = $2800
  Net factor income from abroad = $250
  Depreciation = $700
  Indirect taxes = $120

   

  What is the country's Gross National (GNP)?

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  (B)

  $ 2.680
• 32

  Use this data below to answer the question

  The following data relates to the national income of a country.
  Gross domestic product = $2800
  Net factor income from abroad = $250
  Depreciation = $700
  Indirect taxes = $120

   

  What is the country's Net National Product (NNP) at factor cost?

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  (C)

  $2,230
• 33

  The standard of living in two countries can be compared using the___________

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  (D)

  gross national product per head
• 34

  Government can curb inflation by_________

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  (D)

  selling securities in the open market
• 35

  Functions of money does not include_______

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  (D)

  general acceptability.
• 36

  Demand-pull inflation can be as a result of___________

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  (C)

  deficit financing by the government.
• 37

  An increase in cash ratio by the central bank will_______

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  (D)

  Reduce the supply of money.
• 38

  When a government cuts down her expenditure to reduce inflation, she has embarked on___________

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  (A)

  A restrictive Fiscal policy.
• 39

  In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on_______

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  (A)

  Textile materials with elastic demand
• 40

  People who dispose of their assets are expected to pay ______________

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  (B)

  capital gains tax
• 41

  A floating exchange rate means that the exchange rate is fixed by the __________

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  (B)

  Forces of demand and supply
• 42

  A measure that can be adopted to correct a country 's balance of payments deficit is ____________

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  (C)

  Adopt import substitution strategy
• 43

  Records of a country's invisible trade are recorded in her_____________-

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  (C)

  Current account
• 44

  If a country's import bill is high, she can encourage exports by___________

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  (A)

  Allowing her currency to depreciate
• 45

  If a country imposes a barrier on trade, the resultant effect will be _________

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  (C)

  an increase in the demand for locally produced goods