enwaececonomics2010

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THEORY QUESTIONS

WAEC SYLLABUS

1. The following are examples of economic goods except

A. bottled water

B. air

C. household utensils

D. shelter.

2. A tent-making factory otters

A. personal services

B. indirect services

C. social services

D. reflex services

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

A, Capitalist system

B. Socialist system

C. Mixed system

D. Traditional system

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

A. Frequency

B. Mean

C. Median

D. Mode

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

A. 9

B. 8

C. 6

D. 5

ANSWERS

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

A. A reduction in the size of population

B. An increase in the income of the buyer

C. The availability of substitutes

D. A decrease in price of the good

7. Goods for which demand rises as income rises are

A. Complementary goods.

B. Inferior goods.

C. Normal goods.

D. Substitutes.

8. The slope of a supply curve is

A. horizontal.

B. uniform

C. positive

D. vertical.

9. Equilibrium price is the price at which quantity

A. demanded is greater than quantity supplied

B. supplied is greater than quantity demanded

C. demanded is equal to quantity supplied

D. supplied is equal to quantity produced

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

A. be unchanged

B. remain elastic

C. remain inelastic.

D. rise

ANSWERS

11. At the highest level of total utility, marginal utility is

A. negative

B. positive and falling

C. positive and rising

D. Zero

12. The law of diminishing marginal utility states that, the more a commodity is consumed the

A. higher the satisfaction derived from an additional unit.

B. higher the price to be paid

C. lower the quantity supplied

D. lower the rate of increase in the total utility derived.

13. Greater inter-dependence among workers in production is associated with

A. utility

B. manufacturing

C. division of labour

D. factory workers.

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

A. TC = FC - VC

B. FC =TC + VC

C. TC > FC + VC

D. TC = FC + VC

15. The reward to land as a factor of production is

A. profit

B. rent ,

C. interest

D. wage

ANSWERS

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

A. is owned by the government

B. sells its shares to members of the public

C. operates as a government corporation

D. is not legally recognized as a firm.

17. All the following are sources of finance to a joint stock company except

A. debentures

B. cooperative loans

C. shares

D. bank loans

18. The public sector of an economy includes

A. cooperative societies

B. nationalized industries

C. joint stock companies

D. pressure groups.

19. One advantage of the Sole Proprietorship over other-forms 'of business organizations is that it can

A. make very high profits

B. employ many workers

C. keep its affairs private

D. produce on a very large scale.

20. Which of the following is obtainable in a perfect market?

A. P = MR > AR

B. MP - MC > P

C. MR < P

D. P = MR = MC

ANSWERS

22. The table above shows the age distribution of country A in 1983. Using the data in the table, calculate the percen¬tage of working population in 1983.

A. 48%

B. 52%

C. 57%

D. 70%

23. A country whose population size is too small relative to its resources is

A. over populated

B. optimally populated

C. under populated

D. producing the optimum output.

24. An efficient weapon used in resolving disputes between employers and employees is

A. co-operation

B. collective bargaining

C. display of placards

D. legal action

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

A. Length of training

B. Demand and Supply

C. Cost of training

D. The messenger is a non-teaching staff

ANSWERS

26. The role of government in promoting agricultural develop¬ment includes the following except

A. paying the wages of all farmers

B. establishing and funding research

C formulation of policies

D. provision of rural infrastructure

27. The following are advantages of large scale agriculture except

A. use of simple implements

B. use of sophisticated implements

C. increase in employment

D. integration of crop and animal fanning

28. The following are all factors determining the location of industry except

A. minimum wage rate

B. availability of labour

C. nearness lo raw materials

D. proximity to market.

29. Which of the following is not a concept in National Income accounting?

A. Domestic National Product (DNP)

B. Gross National Product (GNP)

C. Gross Domestic Product (GDP)

D. Net Domestic Product (NDP)

30. Which of the following equations is appropriate for determining the Net Domestic Product (NDP)?

A. NDP = GNP - depreciation

B. NDP = GDP + Net Income from abroad

C. NDP = GDP T depreciation

D. NDP = GDP x Net Income from abroad

ANSWERS

31. Which Of the following over estimates the value of national income?

A. Incomplete statistical data

B. Wrong timing of computation

C. Changes in prices of goods within the year

D. Double counting

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

A. a function of money

B. a characteristic of money

C. the demand for money

D. the supply of money

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

A. Ostentation

B. Speculation

C. Transactions

D. Precautionary

34. The best way of combating demand - pull inflation is to

A. increase income taxes

B. reduce income taxes

C. increase import duties

D. increase salaries and wages.

35. In which of the following ways has inflation adversely affected your country's economy?

A. increase in money supply

B. A fall in real income T

C. Appreciation in the value of money

D. Increased employment

ANSWERS

36. Which of the following is a legal tender?

A. Bank notes

B. Bank overdrafts

C. Bills of exchange

D. Money order

37. The Central Bank controls money supply through all the following except

A. lending to-the public

B. bank rate

C. legal reserve requirements

D. open market operation. '

38. One of the functions of the Central Bank is

A. production of goods

B. issuing of currency

C. presenting budgets

D. printing of cheque books

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

A. the consumer can always borrow money from the Central Bank.

B. the government can ask the Central Bank to print more money

C. commercial banks can raise loans from the Central Bank.

D. commercial banks can deposit money with the Central Bank.

40. One disadvantage of direct taxes is that they

A. allocate scarce resources

B. are not rigid

C. can be progressive

D. can be evaded

ANSWERS

41. Excise duty is leveled on

A. the total population

B. local products

C. luxury goods

D. the working population

42. A component of the national debt of a country is

A. taxation

B. bank saving

C. The budget

D. treasury bills

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

A. more on the consumers of the good

B. more on the sellers of the good'

C. on sellers and consumers equally

D. completely on the capital.

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

A. below the home market price

B. above the home market price

C. equal to the home market price

D. able to clear the home market

45. Which of the following group of accounts makes up the balance of payments'?

A. The current account multiple account and capita! account.

B. Monetary movement account company account and international account.

C. Cash account double entry account and current account

D. Capital account current account arid monetary movement account.

ANSWERS

46. A country's balance of payments is in deficit when

A. a country's payments for imports of invisible goods are greater than her receipts from exports of invisible goods.

B. the total receipts from her export of visible and invisible goods are greater than her payments for visible and invisible imports.

C. It can record a surplus current account of her balance of payments accounts.

D. the total payments for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods,

47. In order to stabilize oil price in the world market, there is the need for OPEC members to

A. always have budget deficit

B. encourage competition among themselves

C. adhere to production quotas

D. fix the price of non-oil products.

48. Which of the following is not a member of the Economic Community of West African States (ECQWAS)?

A. Cape verde

B. Mauritania

C. Cameroon

D. Niger

49. Which of the following is not a type of economic integration?

A. Customs market

B. Common market

C. Economic union

D. free trade area

50. Which of the following is not an international economic organization?

A. Economic Commission, for Africa (ECA)

B. African Development Bank (ADB)

C. World Health Organization (WHO)

D. International Monetary Fund (IMF)

To Top

Q 1-10

Q 11-20

Q 21-30

Q 31-40

Q 41-50

To 2009

To 2011

To En-Schoolcert

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Candle Light To The World

ECONOMICS

WASSCE 2010

Objectives

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

ensofts

Candle Light To The World

ECONOMICS

WASSCE 2010Objectives

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

WASSCE 2010

Objectives