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Paper 1 | Objectives | 36 Questions
WASSCE/WAEC MAY/JUNE
Year: 1996
Level: SHS
Time:
Type: Question Paper
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Paper 1 | Objectives
Economics
Exam
1988
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The ranking of a consumer’s need in order of importance is termed
A. An opportunity cost
B. Economies of scale
C. A scale of preference
D. The making of choice
E. Direct production
If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is
A. 0.025
B. 0.24
C. 0.22
D. 0.25
E. 0.23
If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are
A. complementary
B. in joint demand
C. luxuries
D. in composite demand
E. substitutes
MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the
A. marginal utility equation
B. equation for consumer dis-equulibruim
C. utility maximization equation
D. equation for total utility
E. equation for price elasticity
Subsistence agriculture means
A. cultivation for external use
B. cultivation for local industries
C. farming for the urban dwellers
D. cultivation for household consumption
E. cultivation for foreign currency
Farm produce are graded, packed and distributed by
A. purchasing co=operatives
B. agricultural co-operative banks
C. consumer co-operative society
D. marketing co-operatives
E. wholesale co-operatives
Localization of industries is
A. the industrialization of a country
B. the concentration of the firm of an industry in a particular area
C. the location of a firm at a particular locality
D. the economic development of a locality
E. governement intervention in the location of industries
Which of the following correctly illustrates the chain of distribution?
A. Manufacturer -> wholesaler -> retailer consumer
B. Consumer -> retailer -> wholesaler -> manufacturer
C. Wholesaler -> manufacturer -> retailer -> consumer
D. Distributor -> consumer -> wholesaler -> manufacturer
E. Producer -> manufacturer -> wholesaler -> retailer
Preview displays only 8 out of the 36 Questions