Paper 1 | Objectives | 36 Questions
WASSCE/WAEC MAY/JUNE
Year: 1996
Level: SHS
Time:
Type: Question Paper
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# | Question | Ans |
---|---|---|
1. |
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 |
C |
2. |
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 |
D |
3. |
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 |
E |
4. |
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 |
C |
5. |
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 |
D |
6. |
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 |
D |
7. |
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 |
B |
8. |
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 |
A |
Preview displays only 8 out of the 36 Questions