WAEC - Economics (2008)

• 1

  The main concern of economists is to

  回答

  (A)

  allocate scarce resouces to satisfy human wants
• 2

  Productive resources can also be called

  回答

  (B)

  factors of production
• 3

  Production covers all the following except when

  回答

  (C)

  a commodity is consumed
• 4

  Data presented in tables are usually arranged in

  回答

  (B)

  rows and columns
• 5

  The theory of diminishing marginal utility states that as more units of a commodity are consumed, the

  回答

  (A)

  satisfaction from an extra unit decreases
• 6

  Which of the following factors does not cause a change in demand

  回答

  (D)

  price of commodity
• 7

  If good P and Q are jointly demanded, an increase in the price of P will likely

  回答

  (D)

  decrease the quantity demanded of Q
• 8

  The gap between demand and supply curves above the equilibrium price is

  回答

  (B)

  excess supply
• 9

  A major function of the price mechanism is that it determines the

  回答

  (A)

  allocation of resources
• 10

  Which of the following determinants of supply cannot be predicted easily?

  回答

  (C)

  national emergencies
• 11

  If the co-efficient of elasticity of demand is 1.5, then the demand is

  回答

  (C)

  elastic
• 12

  Small scale enterprises are important in a country because

  回答

  (D)

  they render personalized service to the consumers
• 13

  In the long run all factors of production are

  回答

  (B)

  variable
• 14

  The transformation curve slopes indicate that

  回答

  (A)

  opportunity cost of producing one commodity for another
• 15

  Which of the following is regarded as fixed cost?

  回答

  (D)

  rent on land
• 16

  Revenue is the

  回答

  (B)

  price of goods multiplied by the quantity sold
• 17

  A business outfit is said to be a public limited company when it

  回答

  (D)

  sells its shares to members of the public
• 18

  The main characteristics of an ordinary shares are

  回答

  (C)

  maximum risks, variable dividends, voting rights
• 19

  the monopolist can determine

  回答

  (D)

  price or output
• 20

  A market situation with a larger number of firms selling closely related but, differentiated products is

  回答

  (A)

  monopolistic competition
• 21

  equilibrium under perfect competition requires that

  回答

  (B)

  MR = MC = AR = AC
• 22

  The purely competitive firm should close down when its price is less than its

  回答

  (A)

  average variable cost
• 23

  During a sale by auction, the price at which the goods finally sold is determined mostly by

  回答

  (B)

  competition among buyers
• 24

  which of the following does not affect a country's population?

  回答

  (D)

  unemployment
• 25

  The trade unions in West Africa have achieved the following for the workers except

  回答

  (C)

  competitive determination of wage rate
• 26

  The employer's demand curve for labour is represented by the

  回答

  (A)

  marginal product curve of labour
• 27

  agriculture plays a dominant role in our country because

  回答

  (B)

  it employs more than 50% of the total labour force
• 28

  the main objective of specialization is to

  回答

  (D)

  increase productivity
• 29

  industry can be define as

  回答

  (B)

  group of firms producing similar commodities
• 30

  Which of the following is a disadvantage of large scale production?

  回答

  (C)

  personal organization
• 31

  Which of the following is a disadvantage of large scale production?

  回答

  (C)

  personal organization
• 32

  The national income off a country can be estimated through the

  回答

  (A)

  output approach
• 33

  A medium of exchange which is generally acceptable is

  回答

  (D)

  money
• 34

  Since money is demanded for what it can buy, the demand is said to be

  回答

  (A)

  derived
• 35

  The supply of money in the economy includes

  回答

  (D)

  bank notes, coins and bank deposits
• 36

  A continuous fall in the general price level is called

  回答

  (C)

  deflation
• 37

  The indicator of the value of money is

  回答

  (A)

  the general price level
• 38

  The Central Bank can restrict credit through

  回答

  (D)

  open market operation
• 39

  Creation of money by commercial bank is done by

  回答

  (C)

  lending to borrowers
• 40

  Public finance is basically an analysis of the

  回答

  (A)

  income and expenditure of government
• 41

  All indirect taxes tend to be

  回答

  (B)

  regressive
• 42

  Which of the following will have a more destabilizing effect on the economy?

  回答

  (B)

  a tax on petrol
• 43

  An important feature of economic development is

  回答

  (C)

  high literacy level
• 44

  Trades among nations is desirable because

  回答

  (B)

  makes it possible for people in a country to enjoy the goods and services produced in other countries
• 45

  Invisible trade refers to trade in?

  回答

  (A)

  services