WAEC - Economics (2004)

• 1

  Which of the following is an economic activity?

  回答

  (C)

  payment of school fees
• 2

  The reward for land as a factor of production is

  回答

  (B)

  rent
• 3

  The three broad categories of productions are

  回答

  (C)

  primary, secondary and tertiary
• 4

  A carpenter's consumer goods includes 1. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of socks IV. 3 screw drivers

  回答

  (D)

  I, II and III and III
• 5

  In a capitalist system, the means of production is owned and controlled by

  回答

  (C)

  private indidviduals
• 6

  Mixed economy refers to a system in which the means of production are controlled by

  回答

  (A)

  private enterprises and the government
• 7

  An economic goods is described as a good which

  回答

  (A)

  yields utility and commands a price
• 8

  The concept of opportunity cost is important to the firm because it

  回答

  (D)

  guides firms in allocating scarce resources
• 9

  As a firm expand s , it enjoys some advantages called

  回答

  (C)

  internal economies of scales
• 10

  division of labour is limited by

  回答

  (A)

  the size of the market
• 11

  An entrepreneur is likely to make more profits when

  回答

  (C)

  costs per unit output falls
• 12

  Natural growth rate is

  回答

  (A)

  birth rate less death rate
• 13

  A major effect of ageing population is

  回答

  (A)

  reduced labour force
• 14

  One of the problems associated with the middlemen in the distribution of goods is that he

  回答

  (B)

  hoards goods
• 15

  The distribution of goods is said to be completed when it reaches the

  回答

  (B)

  consumers
• 16

  The gap between demand and supply curve below the equilibrium price indicates

  回答

  (A)

  excess demand
• 17

  Demand for inferior goods is an example of

  回答

  (D)

  abnormal demand
• 18

  When a change in price does not affect the quantity demanded of a commodity , the price elasticity of demand is

  回答

  (C)

  perfectly inelastic
• 19

  For both the monopolist and the perfectly competitive firm , profit maximizing output occurs at the point where the

  回答

  (A)

  marginal cost curves cuts the marginal revenue curve from below
• 20

  The market structure in which the operation are many and none of them can influence the price is

  回答

  (B)

  perfect market
• 21

  one main benefit of partnership is

  回答

  (C)

  that members can specialize in various functions
• 22

  Joint ventures are partnerships involving

  回答

  (C)

  government and private investors
• 23

  The value of money is best determined by

  回答

  (B)

  the purchasing power
• 24

  Which of the following will be an effect of inflation?

  回答

  (D)

  borrowers of money will gain
• 25

  Government can control inflation by

  回答

  (C)

  reducing the level of expenditures
• 26

  The market consisting of a network of dealers where currencies can be bought and sold is known as

  回答

  (B)

  foreign exchange market
• 27

  Open Market Operation (OMO) means the

  回答

  (C)

  buying and selling of government securities by the central banks
• 28

  which of the following is an advantage of localization of industry?

  回答

  (A)

  development of subsidiary firms
• 29

  which of the following will ensure efficiency in the in the industrial sector of your country?

  回答

  (B)

  privatisation
• 30

  The number of people who are qualified to work and who offer themselves for employment are called

  回答

  (B)

  working population
• 31

  When the general price level persistently falls, the rate of unemployment

  回答

  (A)

  rises
• 32

  Which of the following is not a direct effort to increase agricultural production?

  回答

  (D)

  National Youth Service Corps
• 33

  To ensure high employment rate, developing countries should

  回答

  (B)

  protect infant industries
• 34

  The act of selling goods in foreign markets at prices below those charged at home market is called

  回答

  (C)

  dumping
• 35

  Taxes levied on commodities are

  回答

  (B)

  indirect tax
• 36

  One disadvantages of direct tax is that

  回答

  (C)

  people are discouraged from additional work
• 37

  International trade is an application of the principle of

  回答

  (D)

  comparative cost advantage
• 38

  Trade among West African countries is poor because the

  回答

  (B)

  communication links are weak
• 39

  A policy by which government restrict the amount of foreign currencies bought and sold is known as

  回答

  (C)

  exchanging control
• 40

  which of the following item is under the capital account of a balance of payment?

  回答

  (A)

  repayment of foreign loans
• 41

  A surplus in the balance of payment should be used to

  回答

  (D)

  buy investment overseas
• 42

  Development planning which take an overall view of the economy is described as

  回答

  (A)

  aggregate economic planning
• 43

  The national income of a country can be estimated by the

  回答

  (C)

  expenditure method
• 44

  which of the following is excluded when making national income?

  回答

  (C)

  transfer of payments
• 45

  The Economic Community of West African States (ECOWAS) has been been slow in achieving its objective sbecause of

  回答

  (A)

  political instability in member state