WAEC - Economics (1996)

• 1

  The ranking of a consumer’s need in order of importance is termed

  回答

  (C)

  A scale of preference
• 2

  If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is

  回答

  (D)

  0.25
• 3

  If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are

  回答

  (E)

  substitutes
• 4

  MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the

  回答

  (C)

  utility maximization equation
• 5

  Subsistence agriculture means

  回答

  (D)

  cultivation for household consumption
• 6

  Farm produce are graded, packed and distributed by

  回答

  (D)

  marketing co-operatives
• 7

  Localization of industries is

  回答

  (B)

  the concentration of the firm of an industry in a particular area
• 8

  Which of the following correctly illustrates the chain of distribution?

  回答

  (A)

  Manufacturer -> wholesaler -> retailer consumer
• 9

  The natural growth rate of a population is the

  回答

  (C)

  Birth rate minus death rate
• 10

  Decreasing returns to scale implies ta if all factors of production are doubled, output will be

  回答

  (B)

  Less than doubled
• 11

  Rents and interest are rewards to

  回答

  (E)

  Land and capital respectively
• 12

  The process that leads to an agreement on the condition of service between employer and employee is termed

  回答

  (C)

  Collective bargaining
• 13

  Diminishing return occurs in short run when there is a reduction in the

  回答

  (D)

  Marginal product of the variable factor
• 14

  In production, factory buildings are regarded as

  回答

  (E)

  Fixed costs
• 15

  The Ownership of a Public Limited Company is made up of

  回答

  (B)

  A minimum of seven shareholders
• 16

  All the following are the economic reasons for establishing public enterprises except the provision of ,

  回答

  (A)

  An avenue for expressing national prestige
• 17

  The unemployment associated with decrease in demand is referred to as

  回答

  (C)

  Cyclical
• 18

  Monopoly can best be described as a market in which

  回答

  (A)

  A single seller sells a product which has no close substitute
• 19

  which of the following market structure are imperfect in competition. I monopoly II duopoly III oligopoly

  回答

  (E)

  I,II and III only
• 20

  Demand-pull inflation results when there is

  回答

  (B)

  execessive demand due to high purchasing power
• 21

  Changes in the value of money can be measured by

  回答

  (B)

  A price index
• 22

  The efficiency of a country's labour force depends on all the following except

  回答

  (E)

  frequent strikes and lock-outs
• 23

  which of the following is a bank's responsibility to it's shareholders?

  回答

  (A)

  making profits
• 24

  Deficit financing means

  回答

  (D)

  borrowing to finance a budget
• 25

  Development banks mainly provides

  回答

  (C)

  capital for development of specific sectors
• 26

  In calculating the Gross National Product (GNP) by the income approach , all the following are included except

  回答

  (D)

  retirement benefits
• 27

  Exchange control is a weapon used in regulating

  回答

  (B)

  Stock exchange
• 28

  The current and capital accounts in Nigeria’s balance of payments contain all the following items except

  回答

  (E)

  IMF Standard Drawing Right (SDR)
• 29

  Who bears the greater burden of the indirect tax when the demand for a commodity is inelastic? The

  回答

  (D)

  consumers
• 30

  Economic growth specifically refers to the

  回答

  (B)

  sustained increase in the output of goods and services per head
• 31

  The hourly wages of five employees of the Nigerian Port Authority are N2.52, N3.96, N9.20, and N3.75 respectively. The median hourly wage is

  回答

  (C)

  N3.75
• 32

  The petroleum industry in Nigeria is an example of a

  回答

  (A)

  capital-intensive industry
• 33

  The international cartel formed to stabilize the world oil market is the

  回答

  (C)

  Organization of Petroleum Exporting Countries
• 34

  The United Nation Conference on Trade and Development (UNCTAD) is a forum designed specifically for discussing the

  回答

  (E)

  better terms of trade in the world
• 35

  The International Monetary Fund (IMF) is an international organization which

  回答

  (B)

  assist countries to solve their balance of payment problems