Economics Past Questions | West African Examinations Council (WAEC)

Question 21

Which of the following items is not included in the measurement of the national income using the income approach

Options

A) wages and salary

B) government purchases

C) interest

D) divedend

The correct answer is B.

Question 22

One relationship between marginal utility and total utility

Options

A) rising, marginal utility is rising

B) falling, marginal utility is negative

C) maximum, marginal utility is maximum

D) falling, marginal utility is rising

The correct answer is B.

Question 23

One feature of a growing population

Options

A) increase in the number of young people

B) increase in the number of old people

C) decrease in the dependent population

D) decrease in the life expectancy

The correct answer is A.

Question 24

Efficiency of labour in a country is determined by the following factor except the

Options

A) social attitude to work

B) education and training

C) working conditions of workers

D) total polulation

The correct answer is D.

Question 25

Which of the following will encourage capital intensive farming

Options

A) encouraging communal system of land ownership

B) adopting policies that will encourage rural-urban migration

C) provision of subsidies on equipment

D) Restrictive lending policies by banks

The correct answer is C.

Question 26

Which of the following best explains why more foreign investments are not attracted to West Africa

Options

A) Small population size

B) small sizes of market places

C) instability in political and industrail policies

D) lack of manpower needed to work in industries

The correct answer is C.

Question 27

Charging different prices for the same commodity is a feature of a

Options

A) perfect competition

B) commodity market

C) monopolistic competition

D) monopoly market

The correct answer is A.

Question 28

In a partnership, the conduct of members is guided by

Options

A) a memorandum of understanding

B) the article of partnership

C) an article of association

D) a partnership constitution

The correct answer is B.

Question 29

Indignation policy is a measure aimed at

Options

A) privatizing the existing business owned by the state

B) commercializing state owned businesses

C) reducing foreign economic domination

D) making the indegenes managing directors of businesses

The correct answer is C.

Question 30

Which of the following measures will hinder efficient distribution of goods in West Africa

Options

A) Improving roads networks

B) provision of adequate storage facilities

C) instituting price control

D) formation of producers' co-operative societies

The correct answer is C.

Question 31

The type of unemployment that occurs as a result physical or mental disability of labour is known as

Options

A) frictional unemployment

B) structural unemployment

C) cyclical unemployment

D) residual unemployment

The correct answer is D.

Question 32

A price floor results in

Options

A) excess demand

B) excess supply

C) parallel market

D) hoarding of goods

The correct answer is A.

Question 33

An entrepreneur is encouraged to adopt division of labour in production because it

Options

A) provide more employment opportuinities

B) leads to increased put and lower cost of production

C) brings about equal cost and employment opportuinities

D) leads to increased cost of production and lower output

The correct answer is B.

Question 34

The long run is a period when

Options

A) only the variable factors can be altered

B) all factors become variable

C) the firm will cease to exist

D) only the fixed factors can be altered

The correct answer is B.

Question 35

The necessary condition for a firm to be in equilibrium is that marginal revenue is

Options

A) greater than marginal

B) equal to marginal

C) less than average revenue

D) equal to average

The correct answer is B.

Question 36

At which stage of production should a firm shot down? when

Options

A) AVC=ATC

B) AVC

C) AVC>price

D) AVC=MC

The correct answer is C.

Question 37

The demand for torch and batteries is an example of

Options

A) competitive demand

B) composite demand

C) complementary demand

D) derived demand

The correct answer is C.

Question 38

Price elasticity of demand of supply measures how responsive

Options

A) consumers are to a change in price

B) sellers are to a change in price

C) sellers are to a change in price

D) buyers are to a change in income

The correct answer is C.

Question 39

The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to

Options

A) positively sloping supply curve

B) perfectly elastic supply curve

C) backward bending supply curve

D) perfectly inelastic

The correct answer is A.

Question 40

The supply of rice in tons is given by the fraction: Qs-80-0.7=0. Where Qs= Quantity supplied, P=price in naira.

Find Qs, when P=N40

Options

A)

108ton

B)

52tons

C)

-52tons

D)

-108tons

The correct answer is B.

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