WAEC - Economics (2000)

• 1

  Scarcity implies that

  回答

  (C)

  goods and services are limited in supply
• 2

  economy problems arises mainly as a result of

  回答

  (D)

  limitation in the availability of resouces
• 3

  Basic extractive activities are classified as

  回答

  (D)

  primary production
• 4

  The entire satisfaction that a consumer derived from a successive consumption of a particular commodity is known as

  回答

  (B)

  total utility
• 5

  A collective data which has not been processed is referred to as

  回答

  (B)

  raw data
• 6

  Which of the following is a measure of central tendency

  回答

  (D)

  Median
• 7

  The quantity supplied of a book per week is represented by the function: Qs + 70 + 1/2 P, At a price of N8.00, the quantity supplied is

  回答

  (B)

  74
• 8

  In production , the formula total product/number of men employed is used to calculate

  回答

  (B)

  average product
• 9

  One of the internal economies of large scale production is

  回答

  (B)

  market economies
• 10

  Dividing total variable cost by quantity of output gives

  回答

  (D)

  Average Variable Cost (AVC)
• 11

  Public enterprises are established mainly to

  回答

  (A)

  provide basic amenities for the people
• 12

  One important feature of sole proprietorship is that

  回答

  (C)

  one person bears all the risks
• 13

  The maximum amount of money a company is allowed to raise by issuing shares to the public is called

  回答

  (D)

  authorized capital
• 14

  The consumers co-operative society is owned by

  回答

  (B)

  members of the society
• 15

  which of the following is a function of the retailer?

  回答

  (C)

  stocking variety of goods
• 16

  The supply of labour can be influenced by the

  回答

  (A)

  size of the population
• 17

  Majority of West African labour force is engaged in

  回答

  (B)

  agricultural production
• 18

  census of population is usually conducted every

  回答

  (C)

  10 years
• 19

  one economic implication of over-population is that it

  回答

  (C)

  leads to a fall in per capital income
• 20

  Hassan , an economic teacher in Lagos, resigned his appointment and took yup another job as a banker . The The concept here involves

  回答

  (A)

  occupational mobility of labour
• 21

  Net migration is the difference between

  回答

  (B)

  immigrants and emigrants
• 22

  Wages are to some extent, determined by the

  回答

  (C)

  marginal productivity of labour
• 23

  The movement along the same curve is a

  回答

  (B)

  change in quantity demanded
• 24

  An industry can best be described as

  回答

  (C)

  an aggregation of indidvidual firms producing similar commodities
• 25

  An association of workers in a particular industry, firm or line of job is called

  回答

  (A)

  Trade union
• 26

  Average Variable Cost (AVC) curve

  回答

  (A)

  is U-shaped
• 27

  The income elasticity of a normal goods is

  回答

  (A)

  positive
• 28

  The demand for a commodity that serves two or more purposes is

  回答

  (C)

  composite demand
• 29

  The charging of different prices to different group of buyers for the same goods or services is called

  回答

  (C)

  price discrimination
• 30

  A tax on a commodity whose demand is perfectly inelastic will fall heavily on the

  回答

  (A)

  consumer
• 31

  The main feature of regressive taxation is that its rate

  回答

  (D)

  reduces when income increses
• 32

  Which of the following is an item of government recurrent expenditure?

  回答

  (C)

  Wages and Salaries
• 33

  Which of the following is an item of government recurrent expenditure?

  回答

  (C)

  Wages and Salaries
• 34

  Deficit budget means that government’s

  回答

  (B)

  Planned expenditure is more than the estimated income
• 35

  The most unique quality of money is its

  回答

  (D)

  General acceptability
• 36

  Abstention from consumption which enables capital to be produced is called

  回答

  (A)

  Savings
• 37

  Which of the following will occur when the market is unstable?

  回答

  (A)

  Price will fluctuate
• 38

  Shares and stocks can be bought in the

  回答

  (B)

  Stock exchange
• 39

  Inflation can best be checked by

  回答

  (C)

  increasing supply and holding wages constant
• 40

  foreign exchange control in most West African countries is is enforced by the

  回答

  (D)

  Central banks
• 41

  Commercial banks settle their inter-bank indebtedness through

  回答

  (B)

  central banks
• 42

  which of the following banks grant credit facilities to individuals wishing to build houses?

  回答

  (D)

  Federal Mortgage Bank of Nigeria
• 43

  Unemployment that arises because of introduction of new machines and equipment in production is called

  回答

  (B)

  structural
• 44

  Mono-product economies are those that produce

  回答

  (D)

  one main commodity
• 45

  The primary objectives of the Nigerian Industrial Development Banks(NIDB) is the provision of loans to

  回答

  (B)

  manufacturers
• 46

  Small enterprises finds it difficult to expand due to

  回答

  (A)

  inadequate capital
• 47

  The Organization of Petroleum Exporting Countries (OPEC) is a

  回答

  (A)

  cartel
• 48

  One major export crop in West Africa is

  回答

  (D)

  cocoa
• 49

  Balance of payment deficit implies that a country is

  回答

  (A)

  importing more than she is exporting
• 50

  West African countries have low level of economic development due to

  回答

  (D)

  ineffective plan implementation