WAEC Economics 2000 Past Questions

Practice each question, then open it to see the full details.

Scarcity implies that

A.goods cannot be produced efficiently
B.human wants are unlimited
C.goods and services are limited in supply
D.commodities are evenly distributed within the economy

The pie chart here represents the hypothetical output of farmers in a country in a particular year. The total output of the crops was 72,000 tonnes.

(a) Calculate the quantity of each product.
(b) (i) By what quantity is the export crops greater than the food crops?
(ii) Which crop contributed the least and by what quantity?
(iii) Which crop has the highest output?

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economy problems arises mainly as a result of

A.inaccurate statistical data in West Africa
B.excessive wastage of available resources
C.lack of foresight on the part of resource users
D.limitation in the availability of resouces

(a) What is income elasticity of demand? The table below shows the various incomes and demand for different commodities.

Income (N)	Quantity Demanded (kg)
A 20,000	120
B 36,000	96
C 40,000	160
D 44,000	200
E 45,000	240
F 47,000	252

(b) Calculate the income elasticity between
(i) A and B
(ii) C and D
(iii) E and F
(c) What kind of good is between
(i) A and B?
(ii) C and D?

Basic extractive activities are classified as

A.manufacturing production
B.tertiary production
C.secondary production
D.primary production

(a) State the laws of demand and supply.

(b) With the aid of a diagram, explain the implications of a change in the quantity demanded of a commodity.

The entire satisfaction that a consumer derived from a successive consumption of a particular commodity is known as

A.marginal utility
B.total utility
C.average utility
D.diminishing utility

What form of business enterprise would you recommend for a tailor? Give reasons for your answer.

A collective data which has not been processed is referred to as

A.disjointed data
B.raw data
C.class intervals
D.frequency

(a) What is mobility of labour?

(b) What factors serve as obstacles to occupational mobility of labour?

Which of the following is a measure of central tendency

A.Percentage
B.graph
C.variance
D.Median

Highlight any five objectives of price control.

The quantity supplied of a book per week is represented by the function: Qs + 70 + 1/2 P, At a price of N8.00, the quantity supplied is

A.70
B.74
C.76
D.86

Why should a country measure her national income?

In production , the formula total product/number of men employed is used to calculate

A.total product
B.average product
C.marginal product
D.fixed product

Explain each of the following:
(a) Indigenisation policy
(b) Localization of industry
(c) Economies of scale
(d) National budget.

One of the internal economies of large scale production is

A.administrative economies
B.market economies
C.regional economies
D.horizontal economies

(a) What is unemployment?

(b) Explain any three types of unemployment

Dividing total variable cost by quantity of output gives

A.Total cost (TC)
B.Total Fixed Cost (TFC)
C.Variable cost (VC)
D.Average Variable Cost (AVC)

Why do governments impose taxes?

Public enterprises are established mainly to

A.provide basic amenities for the people
B.make goods available in the market
C.make profit for the government
D.compete with foreigners in the industrial sector

Give five reasons for the low rate of industrial growth in your country.

One important feature of sole proprietorship is that

A.it is limited liability business
B.the business is owned by shareholders
C.one person bears all the risks
D.it is a legal entity

How can the International Bank for Reconstruction and Development (World Bank) contribute to the economic development of your country?

The maximum amount of money a company is allowed to raise by issuing shares to the public is called

A.paid-up capital
B.fixed capital
C.working capital
D.authorized capital

The consumers co-operative society is owned by

A.a management committee
B.members of the society
C.debenture holders
D.the government

which of the following is a function of the retailer?

A.provision of storage facilities
B.financing manufacturers
C.stocking variety of goods
D.advertisement of goods

The supply of labour can be influenced by the

A.size of the population
B.stage of economic development
C.size of the country
D.extent of the market

Majority of West African labour force is engaged in

A.industrial production
B.agricultural production
C.mining industry
D.construction industry

census of population is usually conducted every

A.20 years
B.15 years
C.10 years
D.7 years

one economic implication of over-population is that it

A.leads to low demand s of goods
B.reduce balance of payment difficulties
C.leads to a fall in per capital income
D.reduce pressure on the available social facilities

Hassan , an economic teacher in Lagos, resigned his appointment and took yup another job as a banker . The The concept here involves

A.occupational mobility of labour
B.horozontal mobility of labour
C.vertical mobility of labour
D.geographical mobility of labour

Net migration is the difference between

A.population and census
B.immigrants and emigrants
C.per capita income and population
D.internal and external migration

Wages are to some extent, determined by the

A.Marginal utility of labour
B.average utility of labour
C.marginal productivity of labour
D.total output of labour

The movement along the same curve is a

A.change in demand
B.change in quantity demanded
C.shift in demand
D.market demand

An industry can best be described as

A.a place where goods are processed
B.a place where different firms produced different goods
C.an aggregation of indidvidual firms producing similar commodities
D.the concentration of various firm in the same locality

An association of workers in a particular industry, firm or line of job is called

A.Trade union
B.Trade association
C.Chamber of commerce
D.Assembly of workers

Average Variable Cost (AVC) curve

A.is U-shaped
B.rises from left to right
C.Slopes upwards
D.is horizontal to the X-axis

The income elasticity of a normal goods is

A.positive
B.negative
C.zero
D.fixed

The demand for a commodity that serves two or more purposes is

A.competitive demand
B.complemetary demand
C.composite demand
D.derived demand

The charging of different prices to different group of buyers for the same goods or services is called

A.monopolistic competition
B.price determination
C.price discrimination
D.monopoly

A tax on a commodity whose demand is perfectly inelastic will fall heavily on the

A.consumer
B.manufacturer
C.wholesaler
D.retailer

The main feature of regressive taxation is that its rate

A.is higher when income is higher
B.is equal tax for all categories of people
C.remains constant when income increases
D.reduces when income increses

Which of the following is an item of government recurrent expenditure?

A.Road construction
B.Port facilities
C.Wages and Salaries
D.Telecommunication projects

Which of the following is an item of government recurrent expenditure?

A.Road construction
B.Port facilities
C.Wages and Salaries
D.Telecommunication projects

Deficit budget means that government’s

A.Government expenditure is equal to its revenue
B.Planned expenditure is more than the estimated income
C.Planned income and expenditure target cannot be achieved
D.Expenditure is less than estimated revenue

The most unique quality of money is its

A.Relative scarcity
B.Divisibility
C.Durability
D.General acceptability

Abstention from consumption which enables capital to be produced is called

A.Savings
B.Production
C.Accumulation
D.Opportunity cost

Which of the following will occur when the market is unstable?

A.Price will fluctuate
B.Demand will remain static
C.Unemployment will surely fall
D.Price will remain static

Shares and stocks can be bought in the

A.Commodity market
B.Stock exchange
C.Money market
D.Open market