Paper 1 | Objectives | 51 Questions
WASSCE/WAEC MAY/JUNE
Year: 2000
Level: SHS
Time:
Type: Question Paper
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# | Question | Ans |
---|---|---|
1. |
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 |
C |
2. |
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 |
D |
3. |
Basic extractive activities are classified as A. manufacturing production B. tertiary production C. secondary production D. primary production |
D |
4. |
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 |
B |
5. |
A collective data which has not been processed is referred to as A. disjointed data B. raw data C. class intervals D. frequency |
B |
6. |
Which of the following is a measure of central tendency A. Percentage B. graph C. variance D. Median |
D |
7. |
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
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Detailed SolutionQs + 70 + 1/2 P,when price is 8 Qs = 70 + (1/2 x 8) Qs = 70 + 4 Qs = 74 |
|
8. |
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 |
B |
9. |
One of the internal economies of large scale production is A. administrative economies B. market economies C. regional economies D. horizontal economies |
B |
10. |
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) |
D |
11. |
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 |
A |
Preview displays only 11 out of the 51 Questions