WAEC - Economics (2010)

• 1

  The following are examples of economic goods except

  回答

  (B)

  air
• 2

  A tent-making factory offers

  回答

  (B)

  indirect services
• 3

  In which of the following economic system do we have mostly private ownership of resources and individual decision making?

  回答

  (A)

  Capitalist system
• 4

  The sum of items divided by the number of items is the

  回答

  (B)

  mean
• 5

  Find the median of the following set of scores 8,9,6,5,10

  回答

  (B)

  8
• 6

  Which of the following causes the demand curve to shift to the right?

  回答

  (B)

  an increase in the income of the buyer
• 7

  Goods for which demands rises as income rises are

  回答

  (C)

  normal goods
• 8

  The slope of a supply curve is

  回答

  (C)

  positive
• 9

  Equilibrium price is the price at which quantity

  回答

  (C)

  demand is equal to quantity supplied
• 10

  A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to

  回答

  (D)

  rise
• 11

  At the highest level of total utility, marginal utility is

  回答

  (D)

  zero
• 12

  The law of diminishing marginal utility state that, the more a commodity is consumed the

  回答

  (D)

  lower the rate of increase in the total utility derived
• 13

  Greater inter-dependence among workers in production is associated with

  回答

  (C)

  division of labour
• 14

  If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?

  回答

  (D)

  TC = FC + VC
• 15

  The reward to land as a factor of production is

  回答

  (B)

  rent
• 16

  A firm is said to be a public joint stock company when it

  回答

  (B)

  sells its shares to members of the public
• 17

  All the following are source of finance to a joint stock company except

  回答

  (B)

  cooperative loans
• 18

  The public sector of an economy includes

  回答

  (B)

  nationalized industries
• 19

  One advantage of the Sole Proprietorship over other forms of business organization is that it can

  回答

  (C)

  keeps its affair private
• 20

  Which of the following is obtainable in a perfect market?

  回答

  (D)

  P = MR = MC
• 21

  The wholesaler performs the following function except

  回答

  (B)

  offering credit facilities to the consumers
• 22

  A country whose population size is too small relative to its resource is

  回答

  (C)

  under populated
• 23

  An efficient weapon used in resolving dispute between employers and employees is

  回答

  (B)

  collective bargaining
• 24

  Which of the following does not explain why a school principal earns more salary than a school messenger?

  回答

  (C)

  cost of training
• 25

  The role of government in promoting agricultural development includes the following except

  回答

  (A)

  paying the wages of farmers
• 26

  The following are advantages of large scale agriculture except

  回答

  (A)

  use of simple implements
• 27

  The following are all factors determining the location of industry except

  回答

  (A)

  minimum wage rate
• 28

  Which of the following is not a concept in National Income Accounting?

  回答

  (A)

  Domestic National Products (DNP)
• 29

  Which of the following equation is appropriate for determining the Net Domestic Product (NDP)?

  回答

  (C)

  NDP = GDP - depreciation
• 30

  Which of the following over estimates the value of national income?

  回答

  (D)

  double counting
• 31

  The total stock of money available for use in an economy is

  回答

  (D)

  the supply of money
• 32

  Which of the following is not a reason for holding money?

  回答

  (A)

  Ostentation
• 33

  The best way of combating demand-pull inflation is to

  回答

  (A)

  increase income taxes
• 34

  In which of the following ways has inflation adversely affected your country’s economy?

  回答

  (B)

  a fall in real income
• 35

  Which of the following is a legal tender?

  回答

  (A)

  bank notes
• 36

  The Central Bank controls money supply through all the following except

  回答

  (A)

  lending to the publics
• 37

  One of the functions of the Central Bank is

  回答

  (B)

  issuing of currency
• 38

  The function of the Central Bank as the lender of last resort means that when all other sources fail,

  回答

  (C)

  commercial banks can raise loans from the Central Bank
• 39

  One disadvantages of direct taxes is that they

  回答

  (D)

  can be evaded
• 40

  Excise duty is levied on

  回答

  (B)

  local products
• 41

  A component of the national debt of a country is

  回答

  (D)

  treasury bills
• 42

  When the demand for a good is fairly inelastic, the burden of an indirect tax falls

  回答

  (A)

  more on the consumers of the goods
• 43

  Dumping means the selling of a good in a foreign market at a price that is

  回答

  (A)

  below the home market price
• 44

  Which of the following group of accounts make up the balance of payments?

  回答

  (D)

  Capital account; current account and monetary movement account
• 45

  A country's balance of payment is deficit when

  回答

  (D)

  the total payment for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods