WAEC - Economics (1999)

• 1

  The money payment made to owners of land and labour are

  回答

  (A)

  rent and wages
• 2

  The price elasticity of coefficient indicates

  回答

  (D)

  consumer responsiveness to price changes
• 3

  every society strive to pursue all the following economic objectives except

  回答

  (C)

  an inequitable distribution of income
• 4

  which of the following best describes capital as a factor of production?

  回答

  (B)

  a stock of physical assets used for production
• 5

  The system whereby goods are exchanged for goods is known as

  回答

  (B)

  barter system
• 6

  The graph of the function X = a + bY is

  回答

  (A)

  linear
• 7

  Productivity , per worker, is best measured by

  回答

  (D)

  total output didvided by number of workers
• 8

  In determining cost economics considers

  回答

  (C)

  implicit and explicit costs
• 9

  The precautionary motive for holding money is to enable the holder to

  回答

  (B)

  overcome unforseesn contigencies
• 10

  In long run, all factors inputs are

  回答

  (A)

  variable
• 11

  The benefits that result from concentrating similar firms in an area is referred to as

  回答

  (D)

  external economies of scales
• 12

  Per capita income in any West African country is measured by

  回答

  (A)

  dividing the GNP by total population
• 13

  A priority rating of aggregate individuals wants is called

  回答

  (C)

  A scale of preference
• 14

  Profits can be calculated by

  回答

  (A)

  subtracting total cost from total revenue
• 15

  The marginal revenue curve of a monopolist is

  回答

  (B)

  downward sloping from left to right
• 16

  when all factor inputs are doubled , the production possibly curve will

  回答

  (B)

  shift from left to right
• 17

  income elasticity of demand is measurement of the responsiveness of

  回答

  (B)

  quantity demanded to change in income
• 18

  The establishment of industries in rural areas will help to reduce

  回答

  (C)

  rural-urban migration
• 19

  Government imposes taxes mainly to

  回答

  (B)

  provide social amenities
• 20

  In a perfect market price and quantity to be bought are determined by the

  回答

  (C)

  forces of demand and supply
• 21

  When price elasticity of supply is equal to 0.4, supply is said to be

  回答

  (A)

  inelastic
• 22

  In the money market , money can only be borrowed for

  回答

  (B)

  short term
• 23

  Deflation can be controlled by increase in

  回答

  (C)

  the price level
• 24

  Mortgage banks give loan to investors on long term basis to

  回答

  (D)

  build houses
• 25

  The situation where by a government spends more than its budgets for a fiscal year is known as

  回答

  (D)

  deficit budget
• 26

  In a socialist economy, factors of production are owned and controlled by the

  回答

  (C)

  government
• 27

  One quality of money which makes it possible to be carried easily is its

  回答

  (C)

  portability
• 28

  A form of tax in which the poor pay a higher rate than the rich is known as

  回答

  (A)

  regressive tax
• 29

  The reduction in the value of a country's currency of other nations is known as

  回答

  (B)

  devaluation
• 30

  The creation of utility can be referred to as

  回答

  (D)

  production
• 31

  Government revenue will increase if tax is imposed on a good whose demand is

  回答

  (B)

  inelastic
• 32

  Occupational distribution of population is mainly influenced by

  回答

  (A)

  economic factors
• 33

  proportional tax refers to

  回答

  (B)

  equal tax rate for all people
• 34

  which of the following is not n item of capital expenditure?

  回答

  (C)

  payment of salaries and wages
• 35

  The population which yields the highest level of income per head is known as

  回答

  (D)

  optimum population
• 36

  Price discrimination can only occur when there is

  回答

  (B)

  imperfect competition
• 37

  Commodity market can best be described as a market in which

  回答

  (A)

  goods are sold
• 38

  Provision of services is classified under

  回答

  (C)

  tertiary production
• 39

  In ordinary partnership, the risks are

  回答

  (C)

  shared among the partners
• 40

  balance of trade is define as the relationship between

  回答

  (D)

  visible exports and visible imports
• 41

  which of the following combination of qualities ensures a good tax system?

  回答

  (B)

  Economy convinience, certainty and equity
• 42

  The quantity demanded of a commodity is influenced only by changes

  回答

  (C)

  price of the commodity
• 43

  which of the following is an indirect tax

  回答

  (D)

  sales tax
• 44

  When a pen and a book is demanded together, the demand is said to be

  回答

  (C)

  joint
• 45

  The reward for capital is

  回答

  (A)

  interest