Economics Past Questions | West African Examinations Council (WAEC)

Question 41

How does producers expectation of a price fall affect the supply curve of a product? There will be

Options

A) a moment along the curve

B) a leftward shift

C) no shift of the supply curve

D) a shift to the right

The correct answer is B.

Question 42

A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer the question.

If the budget of the country was $7,200, how much is allocated to Education?

Options

A) $2,400.00

B) $2,000.00

C) $1,200.00

D) $1,000.00

The correct answer is A.

Question 43

What is the ratio of expenditure on health to agriculture?

Options

A) 2.3

B) 3.4

C) 4.3

D) 5.4

The correct answer is B.

Question 44

The demand curve for necessity is usually

Options

A) vertical

B) backward bending

C) horizontal

D) negatively sloped

The correct answer is A.

Question 45

What effect will an increase in price have on the total revenue of a firm whose product has inelastic demanding? total revenue will

Options

A) increase

B) fall

C) fluctuate

D) remain unchanged

The correct answer is A.

Question 46

If the quantity of men's hat demanded per week is represented by the function Qd=20-$\frac{1}{3}$

P, where P is price, how many hats are demanded when the price is $9.00?

Options

A) 11

B) 17

C) 23

D) 47

The correct answer is B.

Question 47

X	2	3	4	5
Y	2	5	2	1

Use this above table to answer this question. What is the median of the distribution?

Options

A) 5

B) 4

C) 3

D) 2

The correct answer is C.

Question 48

Human wants are insatiable because wants are

Options

A) limited while means are scarce

B) unlimited and means are also unlimited

C) limited and means are also limited

D) unlimited while means are scarce

The correct answer is D.

Question 49

Scale of preference is important for the following reasons except in

Options

A) satisfying wants

B) making rational decisions

C) making optimum allocation of resources

D) using scarce resources efficiently

The correct answer is A.

Question 50

In a socialist economy, prices of commodities are determined by

Options

A) forces of demand and supply

B) producers of the commodities

C) the central planning authority

D) consumers who are sovereign

The correct answer is C.

Question 51

Which of the following cannot be classified as land in economics

Options

A) Bauxite deposit in the ground

B) A lake used for irrigation

C) A bulldozer for clearing farm land

D) Grazing field for cattle

The correct answer is C.

Question 52

Precautionary motive for holding money is to

Options

A) meet daily and regular transactions

B) take advantage of changes in the prices of goods and services

C) cover unforeseen events

D) cover expenses on house rent

The correct answer is C.

Question 53

Which of the following measures will not encourage industrialization in West Africa?

Options

A) Taking over of all forms of industries by the government

B) provision of social infrastructure

C) Giving tax incentives, especially to infant indudustries

D) Using tariffs to discourage the use of imported items

The correct answer is C.

Question 54

The concentration of many firms of a particular industry in a particular area is known as

Options

A) loccation of industry

B) amalgamation of industries

C) localization of industries

D) nationalization of industry

The correct answer is C.

Question 55

Which of the following is not an effect of the discovery of mineral resources in an area?

Options

A) increase in wealth

B) overcrowding

C) increase in crime rate

D) under population

The correct answer is D.

Question 56

X	2	3	4	5
Y	2	5	2	1

Use this above table to answer this question. From the table, the mean of the distribution is

Options

A) 2.2

B) 2.5

C) 3.2

D) 4.5

The correct answer is C.

Question 57

A change in the quantity demanded of a given commodity is determined by the

Options

A) size of the population

B) income of the consumer

C) price of the commodity

D) taste and fashion

The correct answer is C.

Question 58

The likely implication of the devaluation of a country's currency is that

Options

A) exports of such a country become cheaper

B) importation of goods into such a country becomes cheaper

C) the value of such a country's currency rises

D) foreign goods are attracted into the country

The correct answer is A.

Question 59

International trade is desirable because it

Options

A) may lead to overproduction

B) brings about over-dependence of countries on one another

C) provides foreign market for local goods

D) brings about unhealthy competition and rivalries

The correct answer is C.

Question 60

A financial institution established for the purpose of providing specialzed services like acceptance of bills of exchange and equipment leasing is known as

Options

A) Merchant Bank

B) Development Bank

C) Central Bank

D) Insurance Company

The correct answer is A.
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