enwaececonomics2017

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THEORY QUESTIONS

WAEC SYLLABUS

1. Economics is registered as a science because

A. Its issues can be easily verified by reference to facts

B. It adopts scientific method in making its analysis

C. Its issues are relevant for national development

D. Its subject matter studies human behavior

2. The opportunity cost of a worker going to the university is

A. tuition, fees and books

B. boarding and lodging

C. the wages given up to attend university

D. transportation and entertainment

3. Which of the following items is not an example of circulating capital?

A. Raw material

B. Money

C. Fuel

D. Machinery

4. In a market economy, the problem of what goods to produce is primarily by

A. directives of the government

B. me pattern of consumers’ spending

C. producers of consumer goods

Dpeople producing what they want

5. If the weight of five puppies in kilograms are 3.5, 3.0, 4.2, 5.0 and 4. 3. Then the mean weight of the puppies is

A. 3 5 kg

B. 4.0 kg

C. 4.2 kg

D. 5.0 kg

ANSWERS

6. If the coefficient of cross elasticity of demand for goods Y and Z is Positive, the two goods are

A. complements

B. substitutes

C. luxuries

D. inferior

7. The difference between demand and wants is in the

A. desire for the commodity

B. significance of the commodity

C. ability to pay for the commodity

D. economic value of the commodity

8. A demand curve parallel to the Y-axis indicates

A. fairly elastic demand

B. perfectly elastic demand

C. perfectly inelastic demand

D. fairly inelastic demand

9. Which of the following is an example of derived demand?

A. Textbook

B. Labor

C. Staple food

D. Mobile phone

10. A rightward shift in the supply curve of a commodity is brought about by an increase in

A. the level of technology

B. the price of the commodity

C. cost of production

D. taxation

ANSWERS

11. Effective supply is the total amount of a commodity

A. from a single producer

B. in the warehouses of producers

C. offered for sale at a market price

D. produced for the market

12. Prince elasticity of supply can be influenced by the following factors except

A. time period

B. cost of production

C. size of consumers' income

D. nature of the product

13. Increase in the supply of a product can be caused by

A. change in tastes and fashion of consumers

B. increase in the incomes of consumers

C. a fall in the cost of production

D. increase in the price of a product

14. A rational consumer will purchase a commodity whose price is

A. greater than his marginal utility

B. less than his marginal utility

C. equal to his marginal utility

D. equal to his total utility

15. Parallel market are usually the result of

A excess supply

B. the activities of rich individuals

C. price legislation

D. inadequate information

ANSWERS

16. other term for equilibrium price is .

A. price floor

B. demand price

C. market clearing price

D. satisfactory price

17. When a firm is enjoying internal economies of scale its

A. total cost of production is increasing as output increases

B. average fixed cost is rising continuously

C. average cost of production decreases as output increases

D. average revenue and marginal revenue are decreasing

18. The specialisation of labour enhances production because people

A. can concentrate on all goods they can produce better

B. can efficiently produce their own needs

C. can save time and produce more

D become experts in all areas of production

19. Which of the following can be added to a firm's profit to obtain total revenue?

A. Total variable cost

B. Total fixed cost

C. Marginal cost

D. Total cost

20. The amount of money that a firm receives from the sale of its output is called

A. total profit

B. total revenue

C. total cost

D. average revenue

ANSWERS

21. Which of the following is true of the monopolist?

A. His average revenue curve is horizontal

B. He determines both price and output

C. He demand and marginal revenue curves are the same

D .He determines either prince or output

22. Equity shares form the bulk of the capital of a

A. private company

B. private company

C. statutory company

D. public corporation.

23. If a state-owned firm is sold through the stock market, the organisation becomes a

A. partnership

B. private company

C. public limited company

D. public corporation

24. The total number of people of working age who are willing and prepared to work at a given wage rate is the

A. labour force

B. supply of labour

C. demand for labour

D. occupational demand for labour

25. A civil engineer who accepts to teach elementary science in a primary school because he cannot get a paid engineering job is an example of

A. structural unemployment

B. disguised unemployment

C. residual unemployment

D. frictional unemployment

ANSWERS

26. Which of the following is an implication of a large population?

A. Decrease in crime rate

B. Increase in food supply

C. Decrease in standard of living

D. Decrease in cost of living

27. The system of agriculture which involves the cultivation of crops and rearing of animals for family consumption only is termed

A. peasant farming

B. plantation agriculture

C. commercial farming

D. subsistence farming

28. An industry whose product loses considerable weight after processing must be sited close to

A. the source of finance

B. a ready market

C. a power station

D. the source of raw material

29. Which of the following is a threat to the existence of middlemen?

A. Consumers' cooperative societies

B. Producers cooperative societies

C. Sales agents

D. Large scale producers

30. In an industrial area, the location of industries is particularly influence by

A. extent of the division of labour

B. external economies

C. internal economies

D. nearness to financial institution

ANSWERS

31. Which of the following is a transfer income?

A. Dividends

B. Rent

C. Pensions

D. Interest

32. The value-added method used in measuring national income is to

A. measure output at factor cost s

B. avoid multiple counting of output

C. deduct depreciation of capital assets

D. add net factor income from abroad

33. Which of the following is most likely to be of benefit to a debtor?

A. Inflation

B. Deflation

C. Revaluation

D. Monetization

34. The formula Y = C + I + G + (X- M) will be appropriate for measuring national income using the

A. income approach .

B. expenditure approach

C. output approach

D. factor approach

35. A measure of the value of money in an economy is the

A. size of workers' income

B. general price level

C. total level of savings

D. total amount of loans granted by the banks

ANSWERS

36. One characteristic of money is that is should be

A. a standard for deferred payment

B. stable in value

C. a store of value

D. acceptable by the central bank

37. A financial institution that specializes in giving loans using real assets as collateral security is a

A. development bank

B. insurance company

C. central bank

D. mortgage bank

38. The function that distinguishes commercial banks from the central bank is that the former

A. is a lender of last resort

B. accepts deposits from the public

C. services the public debt

D. regulates foreign exchange

39. Direct taxes include

A. excise duty

B. ad valorem tax

C. specific tax

D. capital gains tax .

40. The control of aggregate demand through changes in government spending and tax rates is referred to as

A. monetary policy

B. government policy

C. income policy

D. fiscal policy

ANSWERS

41. Which of the following is not a feature of economic underdevelopment?

A. Monocultural economy

B. High productivity

C. Low life expectancy

D. income inequality

42. One way of speeding up the economic development of a country is by encouraging

A. the consumption of consumer goods

B. early marriages

C. the importation of more consumer goods

D. saving and investment

43. Dumping in international trade occurs when a foreign firm sells

A. above its cost of production at home and abroad

B. below its cost of production at home and abroad

C. more goods to a country than the country has need of

D. below its cost of production in a foreign market

44. Infant industries can be described as

A. newly established industries

B. industries enjoying tax holidays

C. industries producing baby products

D. newly commercialized industries

45. Modern international trade is based on the principle of

A. absolute cost advantage

B. comparative cost advantage

C. terms of trade

D. balance of trade

ANSWERS

46. Which of the following items is recorded in a country's current account section of the balance of payments?

A. Investment income

B. Foreign direct investment

C. Long-term capital flows

D. Long-term loans

47. One problem facing the economic integration of countries in West Africa is the

A. presence of large and developed markets

B. uneven development among West African countries

C. existence of different central banks in the countries

D. failure of labour to move freely in the region

48. One objective of the Organisation of Petroleum Exporting Countries (OPEC) is to

A. harmonise and stabilize oil prices

B. ensure excess supply of oil to consuming countries

C. subsidise oil prices in member countries

D. assist member countries to exploit oil resources

49. Which of the following is resources is renewable?

A. Coal

B. Iron ore

C. Rice

D. Limestone

50. The negative effects of mining in West Africa does not include

A. reafforestation in rural communities

B. land degradation

C. destruction of farmlands

D. pollution of water bodies

ANSWERS

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Q 1-10

Q 11-20

Q 21-30

Q 31-40

Q 41-50

Q 51-60

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ECONOMICS

WASSCE 2017

Objectives

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ensofts

Candle Light To The World

ECONOMICS

WASSCE 2017Objectives

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

WASSCE 2017

Objectives