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ECONOMICS


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THEORY QUESTIONS
WAEC SYLLABUS

WASSCE 2008

Objectives






1. The main concern of economist is to

A. Allocate scares resources to satisfy human wants

B. Satisfy all human wants

C. Redistribute income between the rich and the poor

D. Control the growth of population


2. Productive resources can also be called

A. Principle of production

B. Factors of production

C. Items of production

D. Labour of material resources


3. Production covers all the following except when

A. Utility is created

B. A good is manufactured

C. A commodity is consumed

D. Individual wants are satisfied


4. Data presented in tables are usually arranged in

A. Charts and graphs

B. rows and columns

C. graphs and rows

D. columns and charts


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

A. Satisfaction from an extra unit decrease

B. Satisfaction from an extra unit rises

C. Satisfaction from an extra unit remains constant

D. Total satisfaction from the good remains the same


ANSWERS

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

A. Taste and fashion

B. vagaries of weather

C. price of other commodity

D. price of the commodity


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

A. Leave the demand foe Q constant but reduce the quantity demand of P

B. Reduce the quantity demand of P but increase the price of Q

C. Increased the quantity supplied of Q

D. Decrease the quantity demanded of Q


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

A. Normal demand

B. excess supply

C. equilibrium quantity

D. abnormal demand


9. A major function of the price mechanism is thatit determines the

A. Allocation of resources

B. Amount of national savings

C. Population of the country

D. Number of goods to be taxed


10. Which of the following determinants of supply can not be predicted easily

A. Price of the commodity

B. New techniques of production

C. national emergencies

D. Mobility of labour


ANSWERS

11. If the co-efficient of elasticity of demand is 1.5. then the demand is

A. Fairly inelastic

B. perfectly elastic

C. elastic

D. inelastic


12. Small scale enterprises are important in a country because

A. They usually produce goods for the dependants

B. They provide after sales service for the rich

C. The prices of their products are fixed

D. They render personalized services to the consumer


13. In the long run all factors of production are

A. Expensive

B. variable

C. durable

D. fixed


14. The transformation curve slope indicates the

A. Opportunity cost of producing one commodity for another

B. Opportunity cost of producing two commodities at a time

C. Sale of the plant to other investors

D. Decrease in the cost of production


15. Which of the following is regarded as fixed cost

A. Expenditure on raw materials

B. Expenditure on fuel

C. Expenditure on power

D. Rent on land


ANSWERS

16. Revenue is the

A. Cost of good multiplied by the quantity sold

B. Price of good multiplied by the quantity sold

C. Quantity of good plus purchase price

D. Quantity supplied less quantity sold


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

A. Is owned by government

B. Operate as a public corporation

C. Is run by the public

D. Sells its shares to members of the public


18. The main characteristics of an ordinary share are

A. Maximum risk, fixed dividends, voting rights

B. Maximum risk, fixed dividends, no voting rights

C. Maximum risk, variable dividends, voting rights

D. Minimum risk, fixed dividends, no voting rights


19. The monopolist can determine

A. Price and output

B. price only

C. output only

D. price or output


20. A market situation with a large number of firm selling closely but differentiated products is

A. Monopolistic competition

B. perfect competition

C. monopoly

D. monopsony


ANSWERS

21 Equilibrium under perfect competition requires that

A. MC =MR but AR < AC

B. MR=MC=AR=AC

C. AC=AR < MC

D. TR < TC


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

A. Average variable cost

B. total fixed cost

C. average total cost

D. marginal cost.


23. During a sale by auction, the price at which the good is finally sold is determined mostly by

A. Competition between buyer and seller

B. Competition among buyers

C. Competition among sellers

D. Government policy


24. Which of the following does not affect a country’s population

A. Birth rate

B. Death rate

C. Emigration

D. Unemployment


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

A. Increased wages

B. Better condition of service

C. Competitive determination of wage rate

D. Improved welfare facilities


ANSWERS

26. The employers’ demand curve for labour is represented by the

A. Marginal product of labour

B. Total product curve of labour

C. Average product curve of labour

D. Total cost curve of labour


27. Agriculture plays a dominant role in our country because

A. It is the main source of energy

B. It employs more than 50% of the total labour force

C. It supplies all industrial inputs

D. There are large plantations of cocoa, groundnut and palm oil


28. The main objective of specialization is to

A. Allocate resources

B. Limit worker’s skill

C. Increase the use of labour

D. Increase productivity


29. Industry can be defined as

A. Several firms producing different commodities

B. Group of firms producing similar commodity

C. Different firms producing equal number of commodities

D. Many firms producing for export


30. Which of the following is a disadvantage of large scale production A. Market economies B. Managerial economies C. impersonal organization D. division of labour


ANSWERS

31. The national income of a country can be estimated through the

A. Output approach

B. input approach

C. empirical approach

D. census approach


Use the table to answer question 32 and 33





32. The gross domestic product (GDP) is equal to

A. $825m

B. $925m

C. $940m

D. $950m


33. The net capital formation is

A. $115m

B. $125m

C. $915m

D. $925m


34. A medium of exchange which is generally acceptable is

A. barter

B. a cheque

C. government bond

D. money


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

A. derived

B. joint

C. composite

D. complementary


ANSWERS

36. The supply of money in the economy includes

A. bank notes only

B. bank notes and coins

C. bank notes and bank deposits

D. bank notes, coins and bank deposits


37. The indicator of the value of money is

A. the general price level

B. the equilibrium price

C. consumers income

D. the interest rate


38. A continuous fall in the general price level is called

A. recession

B. depression

C. deflation

D. stagflation


39. The Central Bank can restrict credit through

A. depreciation of assets

B. granting overdraft

C. direct investment

D. open market operation


40. Creation of money by commercial bank is done by

A. increasing the cash ratio

B. printing money

C. lending to borrowers

D. issuing cheques


ANSWERS

41 public finance is basically an analysis of the

A. Income and expenditure of government

B. Expenditure patterns of government

C. Current and capital receipt of government

D. Current and capital expenditure of government


42. A major use of taxation is to

A. control population growth rate

B. Influence people’s spending habits

C. control money supply

D. create bank credits


43. A tax which is expressed as a given absolute sum of money per unit of a commodity is known as

A. a specific tax

B. a direct tax

C. an indirect tax

D. a value added tax


44. All indirect taxes tend to be

A. progressive

B. regressive

C. certain

D. equitable


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

A. A tax on the prices of vehicles

B. A tax on petrol

C. A decrease on the price of vehicles

D. Moderate increase in wages


ANSWERS

46. An important feature of economic development is

A. population explosion

B. reduction in exports

C. high literacy level

D. low exports


47. Trade among nations is desirable because

A. It enables people in a country to know those in another countries

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

C. enables residents in a country to understand the language of residents of other countries

D. makes it possible for country to have the currencies of other countries


48. Invisible trade refers to trade in

A. services

B. goods and services

C. tangible goods

D. crude oil


49. Balance of payment surplus implies that the value of the country’s

A. exports exceeds its imports

B. imports exceeds its export

C. exports is equal to its imports

D. terms of trade is constant


50. The Economic Commission for Africa is an agency of the

A. Organization of African Unity

B. African Development Bank

C. European Union

D. United Nations



WASSCE JUNE 2008 ECONOMICS OBJECTIVE TEST

ANSWERS

​1 A 2 B 3C 4B 5A 6D 7D 8B 9A 10C 11C 12 D 13B 14A 15D 16B 17D 18C 19D 20A 21B 22A 23B 24D 25C 26A 27B 28D 29B 30D 31A 32D 33D 34D 35A 36D 37A 38C 39D 40A 41A 42C 43D 44B 45B 46C 47B 48A 49A 50D


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