enwaececonomics2019

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THEORY QUESTIONS

WAEC SYLLABUS

1. The fundamental economics problem in every society is

A. the large number of the unemployed

B. inadequate supply of money

C. corruption and mismanagement

D. limited supply of productive resources.

2. A point X inside a production possibility curve indicates that

A. resource are fully utilized

B. the country is poor

C. some resource are idle

D. resources are not available

3. The major employer of labor is developing countries is the

A. tertiary sector

B secondary sector

C. primary sector

D. industrial sector

4. The desire for profit is a major feature of

A. traditional economy

B. Mixed economy

C. market economy

D. command economy

5. The wages of a group of workers in dollars are stated below: 40,30, 70, 20, 60, 10 , 10, 80, 30, and 10. What is the mean?

A. $ 35

B. $36

C. $37

D. $38

ANSWERS

6. If the coefficient of price elasticity of demand of a product is Zero, then its demand curve will be

A. parallel to the quantity axis

B. parallel to the axis

C. negatively slope

D. positive slope

7. If demand function is Qd = - 0,5p + 20, calculate the quantity demanded when the price is $15.00.

A. -$27.50

B. - $12.50

C. $12.50

D. $27.50

8. If less of a good is bought as one’s income increases such a good is

A. normal good

B. a luxury

C. a necessity

D. an inferior good

9. The demand for coffee and tea is

A. joint

B. competitive

C. composite

D. derived

10 What effect will an increase in the supply of fish have on the market?

A. A fall in equilibrium price and quantity

B. An increase in equilibrium price and quantity

C. An increase in equilibrium price and fall in quantity

D. Both equilibrium and quantity remained unchanged.

ANSWERS

11. Which of the following factors is not a condition for a change in supply in commodity?

A. Improved technology

B. Cost of production

C. The price of the commodity

D. Government tax plant

12. Supply of agricultural product is likely to be elastic in the

A. intermediate period

B. long run

C. market period

D. short run

13. Two commodities X and Y are in joint supply when

A. X is a by – product of Y.

B. X and Y are produced by the same firm

C. increase in quantity of X leads to decrease in Y

D. X and Y cannot be produced in the same

ANSWERS

16. What happens when minimum price is imposed in a market?

A. Shortage occurs

B. Surplus occurs.

C. The market maintains its equilibrium

D. Many firm will close down

17. When an increase in inputs leads to a more than proportionate increase in output, there is

A. decreasing returns to scale.

B. increase in marginal product

C. increase returns to scale

D. constant returns to scale

18. The short – run in production is the time period when

A. techniques of production can easily be changed

B. all factor of production are variable.

C. at least a factor is fixed while other is variable.

D. variable factors cannot be changed.

Table II shows the short – run cost of a firm. Use it to answer question

ANSWERS

21. In perfect competition, the average revenue curve of a firm is

A. below the marginal revenue curve

B. downward slopping

C. the marginal revenue curve

D. convex to the origin

22. Which of the following means of funding a business is very and cheap?

A, Bank loans

B. Loans from friends

C. Plough back profile

D. Debenture

23. Government in most cases influences location of firms to

A. discourages private inventors.

B. ensure equitable distribution

C. reduce cost of production

D. makes the firms enjoy economies of scale.

24. Middlemen are made up of

A. manufacturers, wholesalers and consumer

B. manufacturers, wholesalers and retailers

C. wholesalers, retailers and hawkers

D. wholesalers, retailers and consumers

25. The Malthusian theory of population was proved wrong because

A. practice of subsistence farming was encouraged

B. developing countries adopted birth control method.

C. new lands and new methods of production were discovered.

D. Malthus’ view was seen as an exaggeration

ANSWERS

26. Human development can be improved if

A. banks give more loans to businessmen

B. large family sizes are encouraged

C. general education and training is encouraged.

D. it is handled by the private sector only.

27. The use of interest rates to control money supply is a

A. control policy

B. monetary policy

C. development policy

D. fiscal policy

28. Agricultural productivity may be increase if

A. educational institutions are established in rural areas.

B. commercial banks are established in rural areas.

C. more infrastructural facilities are provided in rural area.

D. labor intensive method of agriculture is encouraged

29. A country is described as industrialized if

A. the contributions of industries to national income to high

B. traditional and modem sector coexist

C. the country adopts import promotion strategy.

D. primary industries dominate the economy

30. Which of the following is a major advantage of establishing a tomato –processing factory in a country?

A. Local consumption will decrease

B. More unskilled labor will be employed

C. Foreign exchange will be conserved

D. It will attract more tourists.

ANSWERS

31. The total value of goods and service s produced within the border of a country is

A. net national product

B. net domestic product

C. Gross domestic product

D. gross national product.

32. Which of the following items is not considered as a transfer payment?

A. Pension pay

B. Government subsidy

C. Students’ grant

D. Doctor salary.

33. Which of the following factors will not underestimate the national income?

A. Rapid decrease in prices

B. Increased subsistence production

C. Practice of specialization of labor

D. Increase in value of services not paid for

34. Which of the following is true of the value of money? It

A. is positively related to the price level.

B. depends on the value people attach to it.

C. is determined by the government.

D. is inversely related to the price level.

35. The motive for holding money to meet unforeseen event is termed

A. precautionary demand

B. transaction demand

C. liquidity demand

D. speculative demand

ANSWERS

36. An increase in the prices of factors inputs may result in

A. demand – pull inflation

B. stagflation

C. open inflation

D. cost-push inflation

37. Insurance companies are similar to commercial banks in that they

A. compensates their customers for losses.

B. acts as lender of last resort.

C. help in maintaining monetary stability in a nation

D. help in mobilizing savings for investment

38. What happens when the central bank increases the bank rate?

A. Amount of borrowing increases

B. Amount of borrowing decreases

C. Supply of money increases

D. Commercial banks are not affected

39. Citizens are protected from government’s arbitrariness in taxation by the canon of

A. elasticity

B. flexibility

C. economy

D. certainty

40. In a period of unemployment and falling prices, governments should adopt a

A. zero based budget

B. budget deficit

C. balanced budget

D. surplus budget

ANSWERS

41. In most developing countries, a large percentage of the labor force is engaged in

A. trading

B. mining

C. agriculture

D. manufacturing

42. In most underdeveloped countries, development plans do not achieve their objectives due to

A. poor coordination between, local and national governments

B. exportation of more primary products

C. lack of educational institutions in those countries

D. urban-rural migration of citizens

43. Balance of trade involves exchange of

A. goods only

B. service only

C. goods and services

D. goods and capital

44. An improvement in a country’s terms of trade means that the

A. nation can export more services.

B. nation’s receipts on export are equal to payments on imports.

C. value of her imports is lower than her export.

D. visible exports are less than visible imports.

45. Devaluation of currency may not correct a balance of payment deficit if the demand for export is

A. perfectly inelastic

B. perfectly elastic

C. fairly elastic

D. unitary elastic

ANSWERS

46. One measure for financing a country’s balance of payments deficit it is through

A. export diversification

B. import substitution

C. short-term borrowing from IMF

D. internal borrowing from commercial banks

47. The major achievement of the Economic Community of West Africa State (ECOWAS) is that it has

A. made capital more mobile

B. made possible the use of common currency.

C. increased member allegiance to former colonial masters

D. widened the market for goods produced.

48. Which of the following institution is concerned with expanding developing countries’ commodity trade?

A. World Trade Organization (WTO)

B. United National Conference on Trade and Development (UNCTAD)

C. Economic Commission for Africa (ECA)

D. African Development Bank (AfDB)

49. Exploitation of forest resource becomes a major problem when

A. communities fight over ownership.

B. they are not renewed

C. they are neglected.

D. the supply is fixed in long – run

50. Natural resources that are renewable are found in the

A. mining sector

B. traditional sector

C. agricultural sector

D. secondary sector

WASSCE JUNE 2019 ECONOMICS OBJECTIVE TEST

ANSWERS

1.D 2.C 3.A 4. C 5.B 6.B 7.B 8.D 9. A 10.A 11.C 12.C 13.B 14.C 15.B 16.B 17.C 18.C 1 9.B 20.C 21.A 22.C 23.B 24.B 25.B 26.C 27.B 28.C 29.A 30.B 31.C 32.D 33.C 34.A 35.A 36.D

37.D 38.B 39.C 40.B 41.B 42.C 43.C 44.B 45.B 46.C 47.D 48.B 49.C 50.A

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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 2019

Objectives

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ensofts

Candle Light To The World

ECONOMICS

WASSCE 2019Objectives

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

WASSCE 2019

Objectives