enwaececonomics2013

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THEORY QUESTIONS

WAEC SYLLABUS

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

A. sound economic decision

B. Opportunity cost

C. Practicable government policy

D. Scale of preference

2. In Economics, a marker is defined as any

A. agreement made for consumers to buy all they need

B. agreement to sell commodities at low prices.

C. arrangement made for producers to sell all their goods

D. arrangement hereby the buyers and sellers are in contact.

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

A. pooling resources together against risks

B. Mobilization of funds through premiums collected

C. Encouragement of investment by secuirity of capital

D. Collection of deposits from the public for investment

4. A debenture holder cares

A. commission

B. profits

C. Fixed interest.

D. quasi-rent

5. All economics systems must decide what to produce because

A. resources are not available.

B. consumers want maximum satisfaction

C. resources are limited in supply

D. Producers want maximum profit

ANSWERS

6. Trade between two countries is known as

A. bilateral trade

B Unlimited trade

C. multilateral trade

D. internal trade

7. In the balance of payment of a country, tourism is classified under

A. capital account

B. invisible trade

C. merchandise trade

D. official reserves

8. general rise in the price level induced by increased price of inputs is referred to as

A. run-away inflation

B. Invisible trade

C. demand-pull inflation

D. imported inflation

9. Which of the following is function of merchant bank?

A. acting as banker’s bank

B. lending to the commercial banks as a last resort

C. controlling inflation in the economy

D. Underwriting and issuing of shares

10. Demand is elastic when percentage change in

A. Quantity demanded is greater than percentage change in price

B. price is greater than percentage change on quantity demanded

C. price is equal to one

D. quantity demanded is zero

ANSWERS

11. A budget is balanced when expenditure total revenue is

A. greater than expected expenditure

B. less than total expenditure

C. equal to expected expenditure

D. greater than total expenditure

12. A co-operative society is a

A. finance house

B. self-help business organization

C. public corporation

D. non-democratic business organization

13. the value of money is affected by the

A. speculative motive

B. price level

C. precautionary motive

D. intervention of development banks

14. Which of the following is a function of money?

A. medium of communication

B. measure of securities

C. store of wealth

D. discounting bills of exchange

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

A. Reserve funds

B. shareholders’ capital

C. customers’ deposit

D. Treasury bills

ANSWERS

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

A. elastic supply

B. joint supply

C. exceptional supply

D, competitive supply

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

A. The real value of any amount saved falls over time

B. Interest rates are generally low

C. There are varieties of goods to buy

D. Wages and salaries stagnate during inflation

18 The type of monopoly that develops as a result of un-even distribution of resources is called

A. Legal Monopoly

B. natural monopoly

C state monopoly

D. international monopoly

19. A major disadvantage of partnership from of business is that

A. every partner has to be consulted during decision making

B. partners could be too friendly with their customers

C. affairs can be kept private

D. partner can take long holiday s

20. Goods which have to be paid for are known as

A. Physical goods

B. economic goods

C. Free goods

D. intangible goods

ANSWERS

21. Good are said to be in competitive demand when they are

A. substitutes

B. complementary

C. jointly demanded

D. identical

22. In the long run. Factors of production are considered to be

A. at maximum

B. fixed

C. Variable

D. Increasing

23. Which of the following will shift the demand curve: for cocoa to the right?

A. An increase in consumers income

B. A rise in the price of cocoa

C. A tax on coca producers

D. A fall in the quantity demanded of cocoa

24. An agriculture production process which uses more machinery relative to labor is referred to as

A. large scale fanning

B. capital intensive farming

C. commercial farming

D. land intensive farming

25. Which of the following will enhance productivity in an economy?

A. the use of obsolete capital

B. Technological change

C. Expansion of land under cultivation

D. An increase in the labour force

ANSWERS

26. Post-harvest losses in West –African countries can be reduced if

A. the land tenure system could be reformed

B. more irrigation schemes could be provided

C. better storage facilities could be provided

D. erosion is controlled

27. Which of the following best explains what to produce?

A. How much goods are to be produced

B. The combination of resources to be used

C. Which goods and services to be produced

28. The demand for money is described as a

A. competitive demand

B. join demand

C. derived demand

D. composite demand

29. Which of the following is the main outcome of a trade union’s interference with the wage rate’’ Wages are

A. lowered but more employment opportunities are created

B. lowered but employment level remains unchanged

C. increased and employment levels are unchanged

D. increased but employment levels are reduced

30. The introduction of tariffs and quotes

A. reduce the price of imports

B. increase the demand for locally made goods

C. discourage domestic industries from becoming more efficient

D. reduce the prices of locally made goods

ANSWERS

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

A. High price elasticity

B. low price elasticity of demand

C. high income elasticity of demand

32. which of the following is involved in the money market?

A. building society

B. Development banks

C. commercial bank

D. stock exchange

33. Demand full inflation can aptly be described as

A. inflation induced by rising costs of production

B. reduction in government expenditure

C. persistent rise in prices due to increase in expenditure

D. massive importation of goods from a country with hyperinflation

34. In order to develop the banking habit of rural dwellers the tradition al money lenders should be

A. bank rate

B. population growth rate

C. wage rate

D. mortgage rate

35. All rate of interest in a country are influenced by the?

A. Bank rate

B. Population growth rate

C. Wage rate

D. Mortgage rate

ANSWERS

36. Exchange control is a weapon used in regulating

A. barter trade

B. stock exchange

C. foreign trade

D. Internal trade

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

A. consent

B. stock exchange

C. foreign trade

D. internal trade

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

A. state of technology

B. quantity of inputs

C. quality of inputs

D. price of output

39. if a commodity has a high marginal utility, its market price will be :

A. Stable

B. High

C. Zero

D. constant

40. Price fluctuation is a feature is a feature of

A. common market.

B. imperfect market

C. supermarkets

D. market failure

ANSWERS

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

A. Seller is allowed to fix his own price

B. Buyers and seller are price takers.

C. New entrances are restricted

D. There is only one seller of the commodity

42. The following are advantage of sole proprietorship except

A. quick and easy decision making

B. keeping its business affairs private

C. assurance of raising huge capital for expansion

D. High level of commitment.

43. Which of the following controls a limited liability company

A. the general manager

B. The managing director

C. Tax payers

D. The board of directors

44. 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?

A. 86 units

B. 80 Units

C. 76 Units

D 74 Units

45. Which of the following can be used to calculate the price elasticity of demand?

A. percentage change in quantity demanded percentage change in price

B. percentage change in price percentage change in the quantity demanded

C. percentage change in the quantity demanded percentage change in income

D. percentage change in income percentage change in the quantity demanded

ANSWERS

46. The main advantage of large scale production is that

A. unit cost of production falls

B. decision making is quick

C. Worker-management relationship is improved

D. the quality of the product increases

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

A. profit of companies

B. rent on property

C. Student’s grants and scholarships

D. Wages and salaries of public servants

48. Gold, diamond, iron ore and limestone are collectivity

A. Human resources

B. mineral resources

C. artificial resources

D. forest resources

49. Points outside a product possibility curve indicate

A. unattainable production levels

B. attainable production levels

C. inefficient, but attainable production levels

D. optimum production levels

50. The international bank for reconstruction and development (IBRD) is important to developing nations because it

A. gives aid for defense

B. offers loans for public projects

C. offers aid to fiancé private projects.

D. Lives loans for legal proceedings

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Q 1-10

Q 11-20

Q 21-30

Q 31-40

Q 41-50

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ECONOMICS

WASSCE 2013

Objectives

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ensofts

Candle Light To The World

ECONOMICS

WASSCE 2013Objectives

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

WASSCE 2013

Objectives