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Senior School Certificate Exams Waec Economics 2014 (May/June) Objectives View Theory


1:

Human wants are unlimited because

A:

Production is inadequate

B:

resouces have alternative uses

C:

new wants always arise

D:

resources are limited

E:

No option

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2:

A basic economic problem of any society is

A:

high level of illiteracy

B:

irregular power supply

C:

population growth

D:

resource allocation

E:

No option

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3:

In a centrally planned economy, what to produce is

A:

determined by the forces of demand and supply

B:

driven by profit motive

C:

determined by consumers

D:

the responsibility of state's bureauerats

E:

No option

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4:

Which of the following is related to resource allocation in an economy?

A:

How to produce

B:

What to produce

C:

For whom to produce

D:

Efficient use of inputs

E:

No option

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5:

Which of the following is not a feature of socialism?

A:

Collective ownership of productive resources

B:

Freedom of enterprise

C:

Production is not based on the profit motive

D:

Maximization of public welfare

E:

No option

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6:

Households make economic decisions because they want to

A:

make more profit

B:

increase their salaries and wages

C:

increase their purchases

D:

maximize their satisfaction

E:

No option

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7:

State owned enterprises are more common in

A:

centrally planned economies

B:

mixed economies

C:

capitalist economies

D:

developed economies

E:

No option

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8:

A normal supply curve has a positive slope which indicates that

A:

sellers are willing to sell more at a lower price

B:

sellers are indifferent to prices

C:

sellers are willing to sell more at a higher price

D:

there is always a fixed supply

E:

No option

View Solution

9:

To control inflation,, the central bank of a country may adopt

A:

an expansionary monetary policy

B:

a restrictive monetary policy

C:

an increased wage policy

D:

a deficit financing policy

E:

No option

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10:

Disposable income is the income earned

A:

by the nationals of a country resident within the country

B:

from productive activities of nationals of a country both at home and abroad

C:

when personal income tax is deducted from personal income

D:

when the gross income of an individual is added to personal income tax

E:

No option

View Solution

11:

Livestock production in West Africa is hindered mainly by

A:

inadequate demand

B:

use of traditional implements

C:

land tenure system

D:

pests and diseases

E:

No option

View Solution

12:

The components of a three-sector economy are

A:

banks, schools and hospitals

B:

workers, producers and marketers

C:

households, firms and the government

D:

producers, retailers and wholesalers

E:

No option

View Solution

13:

A declining population is one in which the population is

A:

experiencing a high rate of emigration

B:

made up of a large number of old people

C:

not producing enough goods

D:

not contributing enough to the national income

E:

No option

View Solution

14:

Which of the following agencies help to stabilize farmers' income?

A:

Local government authorities

B:

Trade unions

C:

Marketing boards

D:

Co-operative organizations

E:

No option

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15:

Other things being equal, an increase in supply will lead to

A:

a fall in price and an increase in quantity bought and sold

B:

an increase in price and increase in quantity bought and sold

C:

a fall in price and a fall in quantity bought and sold

D:

an increase in quantity supplied and demanded only

E:

No option

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16:

Examples of joint stock banks are

A:

commercial banks

B:

co-operative credit societies

C:

central banks

D:

development banks

E:

No option

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17:

Which of the following is not a characterisitc of a developing country? High

A:

real per capita income

B:

level of primary production

C:

population growth rate

D:

level of illiteracy

E:

No option

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18:

Goods consumed out of habit have

A:

elastic demand

B:

perfectly elastic demand

C:

inelastic demand

D:

unitary elastic demand

E:

No option

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19:

Which of the following items is not a recurrent expenditure?

A:

Building of schools and colleges

B:

Maintainance of school buildings

C:

payment of teachers' salaries

D:

purchase of stationery for examinations

E:

No option

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20:

if the coefficient of price elasticity of demand is 0.1, demand is

A:

elastic

B:

inelastic

C:

zero elastic

D:

unitary elastic

E:

No option

View Solution

21:

The profit of a producer is the difference between

A:

total cost and marginal cost

B:

total revenue and total cost

C:

average cost and total cost

D:

price and total cost

E:

No option

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22:

The rate of increase in utility is

A:

average utility

B:

increasing utility

C:

total utility

D:

marginal utility

E:

No option

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23:

The supply of tea is linearly presented as P = 0.2Q, where P is the price and Q is the quanity. What is P when Q = 25 ?

A:

$0.08

B:

$5.00

C:

$25.02

D:

$125

E:

No option

View Solution

24:

Increase in supply due to changes in plant size will take place only in the

A:

normal time

B:

long run

C:

market period

D:

short run

E:

No option

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25:

The long run average cost curve is made up of several short-run

A:

marginal and average cost curves

B:

average cost curves

C:

average variable cost curves

D:

average variable and total cost curves

E:

No option

View Solution

26:

Use the table below to answer question 26 and 27

From the table, the mean of the distribution is

73152-snippers.PNG
A:

2.2

B:

2.5

C:

3.2

D:

4.5

E:

No option

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27:

What is the median of the distribution

A:

5

B:

4

C:

3

D:

2

E:

No option

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28:

Co-operative societies formed to market the output of their members are called

A:

Consumers' co-operative societies

B:

Wholesale co-operative societies

C:

Credit and thrift co-operative societies

D:

Producers' co-operative societies

E:

No option

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29:

Money will serve as a standard of deferred payment if it is

A:

homogenous

B:

durable

C:

easily recognised

D:

stable in value

E:

No option

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30:

Due to an increase in price, a seller increases the quantity offered for sale from 400 units to 450 units. What is the percentage change in quantity supplied?

A:

1%

B:

7.5%

C:

12.5%

D:

20%

E:

No option

View Solution

31:

Which of the following will increase the nominal value of national income?

A:

high rate of inflation

B:

increase in the value of money

C:

increase in import

D:

high rate of subsistence production

E:

No option

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32:

Cyclical unemployment is one associated with

A:

inadequate information

B:

trade fluctuations

C:

structural changes

D:

seasonal changes

E:

No option

View Solution

33:

Which of the following best defines inflation ?

A:

Cyclical increase in prices

B:

Periodic increase in prices

C:

Persistent increase in prices

D:

Occassional increase in prices

E:

No option

View Solution

34:

Perfect knowledge of events in a perfect market will be made possible by the existence of

A:

many buyers and sellers

B:

homogenous products

C:

means of communication

D:

large number of traders

E:

No option

View Solution

35:

An increase in the price of a commodity from $10 to $15 leads to an increase in the quantity supplied from 10 units to 15 units. The price elasticity of supply is

A:

0

B:

0.5

C:

1

D:

1.5

E:

No option

View Solution

36:

Economic development may be hindered if there is

A:

a high pool of skilled labour.

B:

a high rate of economic growth

C:

political stability

D:

rapid population growth

E:

No option

View Solution

37:

Which of the following types of unemployment results from changes in the pattern of aggregate demand?

A:

Technological unemployment

B:

Structural unemployment

C:

Frictional unemployment

D:

Seasonal unemployment

E:

No option

View Solution

38:

Which of these is not a reason countries import goods?

A:

Differences in natural endowments

B:

The law of absolute advantage

C:

Differences in taste

D:

The love for other nations

E:

No option

View Solution

39:

Provision of short term loans to solve balance of payments problems is done by the

A:

International Finance Corporation

B:

International Monetary Fund

C:

International Bank for Reconstruction and Development

D:

African Development Bank

E:

No option

View Solution

40:

West African countries are experiencing worsening terms of trade because

A:

they are primary producers

B:

their currencies are overvalued

C:

they import less machines

D:

they are tertiary producers

E:

No option

View Solution

41:

Which of the following statements is correct?

A:

As total utility increases, the marginal utility also increases

B:

The marginal utility is always zero whenever the total utility reaches the maximum

C:

The total utility is at maximum whenever marginal utility is at it's maximum

D:

There is no relationship between total utility and the marginal utility

E:

No option

View Solution

42:

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

A:

size of the population

B:

income of the consumer

C:

price of the commodity

D:

taste and fashion

E:

No option

View Solution

43:

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

A:

exports of such a country become cheaper

B:

importation of goods into such country becomes cheaper

C:

the value of such a county's currency rises

D:

foreign goods are attracted into the country

E:

No option

View Solution

44:

International trade is desirable because it

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

E:

No option

View Solution

45:

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

A:

merchant bank

B:

development bank

C:

central bank

D:

insurace company

E:

No option

View Solution

46:

Which of the following functions of money is mostly affected during inflation?

A:

Medium of exchange

B:

Unit of Account

C:

Store of value

D:

Standard of deferred payment

E:

No option

View Solution

47:

Precautionary motive for holding money is to

A:

meet daily and regular transactions

B:

take advantage of changes in the prices of goods and services

C:

cover unforseen events

D:

cover expenses on house rent.

E:

No option

View Solution

48:

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

A:

Taking over of all forms of industries by the government

B:

Provision of social infrastructure

C:

Giving tax incentives, especially to infant industries

D:

Using tarrifs to discourage the use of imported items

E:

No option

View Solution

49:

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

A:

location of industry

B:

amalgamation of industries

C:

localization of industry

D:

nationalization of industry

E:

No option

View Solution

50:

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

A:

Increase in wealth

B:

Overcrowding

C:

Increase in crime rate

D:

Underpopulation

E:

No option

View Solution