WAEC - Economics (1995)

• 1

  Economics is a social science which studies how

  回答

  (D)

  scarce resources are allocated to satisfy human wants
• 2

  Scarcity in economics means

  回答

  (C)

  limited supply of goods and services
• 3

  The decision on what to produce is a problem in

  回答

  (A)

  all economics system
• 4

  The law of demand states that

  回答

  (D)

  as price falls, quantity demanded increases
• 5

  which of the following is an important limiting factor in the application of division of labour?

  回答

  (A)

  market size
• 6

  Which of the following does not encourage the location of industries?

  回答

  (D)

  political instability
• 7

  All the under listed factors directly affects the supply of a commodity except

  回答

  (E)

  level of income
• 8

  which of the following economic system is in operation in Nigeria?

  回答

  (E)

  mixed economy
• 9

  Giffen commodities are those commodities

  回答

  (B)

  for which demand increases as price increases
• 10

  Effective demand in economics means

  回答

  (C)

  the desire for a commodity or service backed by purchasing power
• 11

  Government can influence aggregate demand through all the following measures except

  回答

  (B)

  retirement of director-general in the public service
• 12

  The term production in Economics means

  回答

  (B)

  the creation of utilities
• 13

  Under the socialist economy , the decision on what to produce is determined by the

  回答

  (D)

  Government
• 14

  Credit creation by banks is limited by

  回答

  (C)

  the non-availability of clllateral security
• 15

  Which of the following explains marginal cost?

  回答

  (E)

  The additional to total cost resulting from the production of an additional unit
• 16

  The effect of an increase in price on the demand for a commodity with elastic demand will be

  回答

  (B)

  a decrease in the demand for the commodity
• 17

  In perfect competition , the marginal cost curve intersects the average cost curve

  回答

  (A)

  from below at its lowest point
• 18

  Which of the following does not require the use of information from census?

  回答

  (E)

  Controlling geographical mobility of labour among the states or regions
• 19

  Which of the following is not a function of an insurance company?

  回答

  (C)

  Collection of deposits from the public
• 20

  Malthus observed in his theory that population was growing

  回答

  (C)

  in geometrical progression
• 21

  At optimum population level, a country has its

  回答

  (D)

  highest output per heade
• 22

  Which of the following does not give a characteristics of money?

  回答

  (E)

  Medium of exchange
• 23

  Which of the following constitute the major components of money supply in a development economy?

  回答

  (A)

  Demand deposits
• 24

  A point along a consumer's indifference curve shows

  回答

  (C)

  a combination of two commodities from which he derive the same satisfaction
• 25

  If a monopolist is attempting to maximize profit , which of the following should he attempt to do?

  回答

  (B)

  Equate marginal cost to marginal revenue
• 26

  The greatest foreign exchange earner for Nigeria before the advent of petroleum was

  回答

  (C)

  agriculture
• 27

  A budget is define as a

  回答

  (E)

  summary of expected income and expenditure
• 28

  The real value of money is

  回答

  (B)

  what it can buy ata a particular time
• 29

  A tax whose rate increases as income increases is

  回答

  (B)

  a progressive tax
• 30

  Which of the following best describes the multiplier?

  回答

  (C)

  Ratio of change in income to the expenditure that brought it about
• 31

  Net National Product (NNP) is equal to the

  回答

  (B)

  Gross National Products (GNP) less depreciation
• 32

  Terms of trade simply means the price

  回答

  (C)

  ratio of export to import
• 33

  Balance of trade can be define as

  回答

  (A)

  the value of import in relation to the value of a country's exports
• 34

  Which of the following is not a feature of a perfect market?

  回答

  (C)

  Preferential treatment
• 35

  Which of the following is the source of raising funds for a public limited liability company in West Africa?

  回答

  (E)

  Sales of bonds