WAEC - Economics (1992)

• 1

  Economics is a social science because it

  回答

  (A)

  deals with an aspect of hman behaviour
• 2

  Scarcity in Economics generally refers to

  回答

  (E)

  resources being limited
• 3

  Opportunity cost is define as the

  回答

  (C)

  real cost
• 4

  the most basic concern of economists is to

  回答

  (E)

  allocate scarce resources to satisfy human wants
• 5

  The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be

  回答

  (B)

  excess supply
• 6

  In Economics production is complete when

  回答

  (D)

  goods and services reach the consumer
• 7

  which of the following is not a characteristics of money?

  回答

  (E)

  Mobility
• 8

  which of the following defines Economics most comprehensively ?

  回答

  (C)

  The study of human behaviour in the allocation of scarce resources
• 9

  A society that is on its production possibility curve

  回答

  (D)

  has attained both full employment and full production
• 10

  Money becomes a very poor store
  money becomes a very poor stone of value in a period of

  回答

  (D)

  inflation
• 11

  Economic growth is the

  回答

  (A)

  rate of increase in a country's full employment and real output
• 12

  The market price of a commodity is determine by the

  回答

  (D)

  interaction of demand and supply
• 13

  if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will

  回答

  (B)

  increase
• 14

  Money as a unit of account implies that it can be

  回答

  (C)

  used to measure the value of goods and services
• 15

  which of the following does not increase the population of country

  回答

  (C)

  emigration
• 16

  A stockholder partakes of the profit of a l8imited liability business by receiving

  回答

  (D)

  dividends
• 17

  Near Money is made up of

  回答

  (A)

  very liquid asset which can be easily converted into money
• 18

  Which of the following is not characteristics of a perfect competition ?

  回答

  (C)

  supply and demand are equal
• 19

  Which of the following is not a negative effect of inflation

  回答

  (E)

  Borrowers tends to gain
• 20

  Which of the following is not function of central bank

  回答

  (C)

  Acceptance of deposit from the public
• 21

  Proportional tax is a tax whose

  回答

  (A)

  percentage rate remains constant as the tax base increases
• 22

  the largest part of the revenue of a country is derived from

  回答

  (B)

  indirect taxation
• 23

  which of the following is not a good reason for the importation of agriculture in West African countries? it

  回答

  (E)

  provide raw materials only for foreign industries
• 24

  The comparative cost of doctrine of international trade means specialization in production according to

  回答

  (D)

  comparative cost advantage
• 25

  The greater burden of the taxes on essential goods is borne by

  回答

  (C)

  low income group
• 26

  A change in supply implies a

  回答

  (C)

  shift in supply curve to the left or to the right
• 27

  Which of the following will increase the GNP of an economy?

  回答

  (B)

  An increase in the proportion of the productively employed population
• 28

  A market condition where profit is maximized when MR = AR = MC = P is known as

  回答

  (D)

  perfect competition
• 29

  when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as

  回答

  (B)

  price control
• 30

  Money supply is the

  回答

  (D)

  currency in circulation and demand deposits
• 31

  which of the following is not the function of a commercial bank

  回答

  (B)

  serving as banker to the government
• 32

  inflation caused by increase in demand is known as

  回答

  (C)

  demand-pull inflation
• 33

  indirect tax are taxes which

  回答

  (E)

  are levied on goods and services purchased by individuals and firms
• 34

  The situation where government revenue in a fiscal year is less than its expenditure is referred to as

  回答

  (A)

  budget deficit
• 35

  The situation where government revenue in a fiscal year is less than its expenditure is referred to as

  回答

  (A)

  budget deficit