enwaececonomics2005

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THEORY QUESTIONS

WAEC SYLLABUS

1. Economic activities are undertaken to solve the problem of

A. Consumption

B. opportunity cost

C. production

D. scarcity

2. Farming mining and fishing are :

A. Primary production

B. Secondary Production

C. Tertiary Production

D. Intermediate Production

3. A list of consumers’ wants arranged in order of priority is known as :

A. a budget

B. an opportunity cost

C. a scale of preference

D. choice

4. The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt. This that

A. Olu’s real cost is 150.00 Naira

B. Olu’s opportunity cost is the T-shirt he bought

C. Olu’s opportunity cost is the textbook

D. Olu’s money cost is also the real cost

5. The remuneration of the enterprenur as a factor of production is called

A. wages

B. Salary

C. interest

D. profit

ANSWERS

6. The production factpr, whose entire world supply is fixed is

A. land

B. skilled labour

C. capital goods

D. intreprenurship

7. When all factor inputs are reduced by half, the production curve with shift

A. outward

B. inwards

C. downwards

D. upwards

8. when a worker changes from one type of job to another it is called

A. geographical mobility of labour

B. occupational mobility of labour

C. immobility of labour

D. rural-urban migration

9. Which of the following determines the size of a country ‘s population? (I) Birth rate (II) Death rate (III) Migration rate (Iv) Importation rate (V) unemployment rate

A. (I),(II) and (V)

B (II), and (IV)

C. (I),(II) and (III)

D. (I) and (V)

10. Age distribution is important it hep the government to

A. checkrural- urban drift

B. determine the number of foreigners

ANSWERS

11. A. group of firm producing similar commondities for the same market constitute

A. a cartel

B. an industry

C. a co-operation

D. wholesalers

12. A factors that has showed down the rate of industrial development in West Africa is

A. inadequates technology

B. increased rate of manpower production

C. increased demand for local goods

D. intervention of the government in business sctivities.

13. To achieve an equilibrium position, the consumer must buy so much of each commodity whose price is equal to its .

A. marginal utility

B. total utility

C. average utility

D. intervention of the government in business activities

14. Price control refers to

A.the ways of making more goods available in the market

B. a policy of ensuring stable price in the market

C. a general reduction in the price level

D. effective working of the forces of demand and supply

15. the desire for goods without the ability to pay is called

A. choice

B. effective demand

C. joint demand

D. wants

ANSWERS

16. Amount of goods offered to the market at respective prices and presented in a table is called

A. price schedule

B. supply schedule

C. scale of preference

D. demand schedule

17. At the equlibrum price , quantity demand is

A. greater than quantity supplied

B. Equal to quantity supplied

C. less than quantity supplied

18. if the government fixed a price of a commodity above the equilibrium price , the quantity supplied will be

A. less than quantity demand

B. equal to the quantity demand

C. greater than quantity demand

19. One of the factors determining price elasticity of demand for commondity is the

A. availability of close substitutes

B. number of production

C. government policy

D. price of other commondities

20. if elasticity of demand for commodity is less than one, demand is

A. unitary elastic

B. inelastic

C. infinitely elastic

D. zero elastic.

ANSWERS

21. the transfer of ownership of a public enterprise to individuals and firms is called

A. commercialization

B. nationalization

C. privatization

D. restructuring

22. one-man business are popular in West Africa because of all following except the

A. ease of entry

B. small capital required

C. limited entrepreneurial skill needed

D. tendency to become joint-ctock companies

23. Wholesalers are often criticized because they

A. Help to break the bulk

B. finance producers

C. increase prices

D. provide after-sale services

24. In which of the following business units are the owners mostly the customers/

A. Co-operatives

B. Limited liability companies

C. partnership

D. public corporation

25. information about new goods is passed on to buyers through

A. advertising

B. retail trade

C. the manufacture

D. wholesale trade

ANSWERS

26. in the figure beside PN equal average revenue or the marginal revenue curve of

A. an imperfect competitive firm

B. average revenue less average cost

C. total revenue less total cost

D. marginal revenue less marginal cost

27.

28. the direct exchange of one good for another without the use of money is known as

A. foreign exchange

B. exchange rate

C. expenditure

D. barter

29. Acceptability, durability , homogeneity and portability are all attributes of good

A. markets

B. money

C. banks

D. government

30. the term demand for money means

A. desire to borrow money from people

B. desire of an individual to invest all his money in projects

C. willingness of people to keep to hold money

D. willingness of people to keep all their resources in assets

ANSWERS

31. A persistent and appreciable rise in the general level of prices is known as

A. depreciation

B. inflation

C. deflation

D. productions

32. To a commercial bank, deposit are

A. liability bank

B. asset

C. capital

D. cash at hand

33. The lender of last resort in the banking system is the

A. industrial bank

B. Mortgage bank

C. commercial bank

D. central bank

34. Discounting a bill of exchange means the bill is

A. cashed over the counter

B. sold on the stock exchange

C. bought for less than its face value

D. sold to the highest bidder

35. The central controls credit in the economy through the use of

A. legal tender

B. travelers cheques

C. foreign exchange instruments

D. open market operations .

ANSWERS

36. Among the principles of taxation propounded by Adam Smith was that

A. a tax should be impossible to evade

B. a tax should be convenient to pay

C. no tax should be level on food

D. there should be no taxation without representation

37. Mr. Bala’s income is $800.00 per month while that of Mr. jatau is $ 1,200 .00 If Messrs and Jatau pay $120.00 respectively as tax system is

A. Progressive

B. regressive

C. proportional

D. Ad. Valorem

38. Government revenue from the groundnut industry is from

A. License

B. rents

C. royalties

39 . The theory of comparative cost advantage is associated

A. Alfred Marshal

B. Adam Smith

C. David Ricardo

D. J.B. Say

40. When the value of a nation ‘s exports is greater than its imports

A. a favourable balance or trade exists

B. an unfavourable balance of payment exists

C. the net foreign trade is zero

D. inflation occurs

ANSWERS

41. To improve the balance of payments positions of West frica countries, there must be

A. removal of barriers to imporations of goods and services

B. increased rate of exportation of goods and services

C. increased domestic consumption of foreign production goods

D. the development of the local market

42. the Economic community of West Africa State (ECOWAS) is an example of

A. bilateral trade

B. economic integration

C. regional marketing board

43. One reason for the low agriculatural production in West Africa countries is that

A. agriculture employs the highest percentage of the labour force

B. too much money is invested in agriculture

C. farmers lack the finance and technology required

D. the farms are too large

44. Mono-production economies are those that

A. produce one main commodity

B. produce only raw materials

C. depend on the export of their raw material

D. specialize in agricultural industries.

45. An essential characteristic of a market economy is

A. government control

B. consumer surplus

C. producer surplus

D. consumer s sovereignity

ANSWERS

46. in a capital system, goods are produced for those who

A. want them most but cannot pay for them

B. can pay for them but do not want them

C. want them and can also pay for them

D. are dependent on the labour force

47. An economy which exhibits features of both private and state enterprises of both private and state enterprises is known as a

A. double counting

B. mixed economy

C. communist economy

D. socialist economy

48. in calculating the national income of a country x, the cost of both raw materials and the finished products were included . this is a case of

A. double counting

B. price fluctuations

C. price differentiation

D. price discrimination

49. Economic development is defined as

A. outward shift of the productions possibility curve

B. availability of more good and services

C. growth accompanied by quantitative change in living standard

D. growth in the national income

50. Which of the following is not an objective of the organization of petroleum exporting Countries (OPEC)

A. Stabilization of oil prices

B. Co-ordinating oil prices

C. Harmonizing oil prices

D. Stagnation of developed economics

To Top

Q 1-10

Q 11-20

Q 21-30

Q 31-40

Q 41-50

To 2006

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ECONOMICS

WASSCE 2005

Objectives

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ensofts

Candle Light To The World

ECONOMICS

WASSCE 2005Objectives

copyright:ensoft2024. company@en-soft.com Phone:2347072716127

WASSCE 2005

Objectives