WAEC - Economics (2013)

• 1

  The action of government to forgo road construction in order to provide more health facilities denotes

  回答

  (B)

  opportunity cost
• 2

  In Economics , a market is defined as any

  回答

  (D)

  arrangement whereby the buyers and sellers are in contact
• 3

  Which of the following is not a function of an insurance company?

  回答

  (D)

  collection of deposits from the public for investment
• 4

  A debenture holder earns

  回答

  (C)

  fixed interest
• 5

  All economic systems must decide what to produce because

  回答

  (C)

  resources are limited in supply
• 6

  Trade between two countries is known as

  回答

  (A)

  bilateral trade.
• 7

  In the balance of payments of a country, tourism is classified under

  回答

  (B)

  invisible trade
• 8

  General rise in the price level induced by increased price of inputs is referred to as

  回答

  (B)

  cost -push inflation
• 9

  Which of the following is a function of merchant banks?

  回答

  (D)

  underwriting and issuing of shares
• 10

  A budget is balance when expected total revenue is

  回答

  (C)

  equal to expected expenditure
• 11

  A co-operative society is a

  回答

  (B)

  self -help business organization
• 12

  The value of money is effected by the

  回答

  (B)

  price level
• 13

  Which of the following is a function of money?

  回答

  (B)

  Measure of securities
• 14

  Which of the following is an asset of a commercial bank?

  回答

  (D)

  Treasury bills
• 15

  An increase in the supply of a commodity X automatically results in an increase in the supply of another commodity Y. This is a cause of

  回答

  (B)

  joint supply
• 16

  Why would an individual increase his level of consumption during inflationary periods?

  回答

  (A)

  The real value of any amount saved falls over time
• 17

  The type of monopoly that develops as a result of uneven distribution of resources is called

  回答

  (A)

  legal monopoly
• 18

  Goods which have to be paid for are known as

  回答

  (B)

  economic goods
• 19

  Goods are said to be in competitive demand when they are

  回答

  (A)

  substitutes
• 20

  In the long term run factors of production are considered to be

  回答

  (C)

  variable
• 21

  Which of the following will enhance productivity in an economy?

  回答

  (B)

  Technological change
• 22

  Post harvest losses in West African countries can be reduced if

  回答

  (C)

  better storage facilities could be provided
• 23

  Which of the following best explains what to produce?

  回答

  (C)

  Which goods and services to be produced
• 24

  The demand for money is described as a

  回答

  (C)

  derived demand
• 25

  Which of the following is the main outcome of a trade union's interference with the wage rate? Wages are

  回答

  (C)

  increased and employment levels are unchanged
• 26

  The introduction of tariffs and quotas

  回答

  (B)

  increase the demand for locally made goods
• 27

  A government that wants to get more revenue will increase the tax on commodities with a

  回答

  (B)

  low price elasticity of demand
• 28

  Which of the following is involved in the money market?

  回答

  (C)

  Commercial banks
• 29

  Demand pull inflation can aptly be described as

  回答

  (C)

  persistent rise in prices due to increase in expenditure
• 30

  In order to develop the banking habit of rural dwellers, the traditional money lenders should be

  回答

  (C)

  subsidized
• 31

  All rates of interest in a country are influenced by the

  回答

  (A)

  bank rate
• 32

  Exchange control is a weapon used in regulating

  回答

  (C)

  foreign trade
• 33

  When the marginal product is negative,the total product will be

  回答

  (D)

  decreasing
• 34

  Physical productivity is affected by all the under listed factors except the

  回答

  (D)

  price of output
• 35

  If a commodity has a high marginal utility, its market price will be

  回答

  (C)

  zero
• 36

  Price fluctuation is a feature of

  回答

  (B)

  imperfect market
• 37

  Which of the following statements is not a feature of a monopoly?

  回答

  (B)

  Buyers and sellers are price takers
• 38

  The following are advantages of sole proprietorship except

  回答

  (C)

  assurance of raising huge capital for expansion
• 39

  Which of the following controls a limited liability company?

  回答

  (B)

  the managing director
• 40

  Given that Qd = 80 - 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is $3?

  回答

  (D)

  74 units
• 41

  The main advantage of large scale production is that

  回答

  (A)

  unit cost of production falls
• 42

  Which of the following items is not included in measuring national income by the income approach?

  回答

  (C)

  Student's grants and scholarships
• 43

  Gold, diamond, iron ore and limestone are collectively referred to as

  回答

  (B)

  mineral resources
• 44

  Points outside a production possibility curve indicate

  回答

  (A)

  unattainable production levels
• 45

  The International Bank for Reconstruction and Development (IBRD) is important to developing nations because it

  回答

  (B)

  offers loans for public projects