Year :
2014
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
31 - 40 of 47 Questions
| # | Question | Ans |
|---|---|---|
| 31. |
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 Detailed SolutionLimited resources and a larger population puts pressures on the resources that do exist. More people means more mouths to feed, more health care and education services to provide, and so forth. So, population can be a mixed bag. |
|
| 32. |
Which of the following types of unemployment results from changes in the pattern of aggregate demand ? A. Technological unemploment B. Stuctural unemployment C. Frictional unemployment D. Seasonal unemployment Detailed SolutionSeasonal unemployment occurs when people are unemployed at particular times of the year when demand for labour is lower than usual. |
|
| 33. |
Which of the following is not a reason countries import goods? A. Differences in natural endowments B. the law of absolute advantage C. Differences in tastes D. The love for other nations Detailed SolutionReasons for importing goods might include: |
|
| 34. |
Provision of short-term loans to solve balance of payments problems is done by the A. International Finance Corporation B. International Monetary Fund C. Iternational Bank for Reconstruction and Development D. African Development Bank Detailed SolutionIt strives to ensure the international monetary system's stability. The IMF functions in three main areas: overseeing the economies of member countries, lending to countries with balance of payments issues and offering technical assistance to its member countries. |
|
| 35. |
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 |
A |
| 36. |
Which of the following statements is correct? A. As total utility increases, the marginal utility also increases B. The marginal utility is a 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 Detailed SolutionMarginal utility is the slope of the total utility curse. At maximum point slope of total utility is equal to zero. Therefore the marginal utility is also zero when total utility reaches its maximum level. Total utility is the sum of utility which consumer gains from consumption of certain goods and services. |
|
| 37. |
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 Detailed SolutionA movement along a given demand curve caused by a change in demand price. The only factor that can cause a change in quantity demanded is price. A related, but distinct, concept is a change in demand. This change in quantity demanded is caused by a change in the demand price. |
|
| 38. |
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 a country becomes cheaper C. the value of such a country's currency rises D. foreign goods are attracted into the country Detailed SolutionThe devaluation or depreciation of currency tends to raise the price level in the country and thus increase the rate of inflation. This causes the exports of goods to increase and reduces the supply and availability of goods in the domestic market which tends to raise the domestic price level. |
|
| 39. |
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 Detailed SolutionInternational trade allows countries, states, brands, and businesses to buy and sell in foreign markets. This trade diversifies the products and services that various countries offer thereby providing an international market for local goods. |
|
| 40. |
A financial institution established for the purpose of providing specialzed services like acceptance of bills of exchange and equipment leasing is known as A. Merchant Bank B. Development Bank C. Central Bank D. Insurance Company Detailed SolutionMerchant Bank; a bank dealing in commercial loans and investment. |
| 31. |
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 Detailed SolutionLimited resources and a larger population puts pressures on the resources that do exist. More people means more mouths to feed, more health care and education services to provide, and so forth. So, population can be a mixed bag. |
|
| 32. |
Which of the following types of unemployment results from changes in the pattern of aggregate demand ? A. Technological unemploment B. Stuctural unemployment C. Frictional unemployment D. Seasonal unemployment Detailed SolutionSeasonal unemployment occurs when people are unemployed at particular times of the year when demand for labour is lower than usual. |
|
| 33. |
Which of the following is not a reason countries import goods? A. Differences in natural endowments B. the law of absolute advantage C. Differences in tastes D. The love for other nations Detailed SolutionReasons for importing goods might include: |
|
| 34. |
Provision of short-term loans to solve balance of payments problems is done by the A. International Finance Corporation B. International Monetary Fund C. Iternational Bank for Reconstruction and Development D. African Development Bank Detailed SolutionIt strives to ensure the international monetary system's stability. The IMF functions in three main areas: overseeing the economies of member countries, lending to countries with balance of payments issues and offering technical assistance to its member countries. |
|
| 35. |
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 |
A |
| 36. |
Which of the following statements is correct? A. As total utility increases, the marginal utility also increases B. The marginal utility is a 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 Detailed SolutionMarginal utility is the slope of the total utility curse. At maximum point slope of total utility is equal to zero. Therefore the marginal utility is also zero when total utility reaches its maximum level. Total utility is the sum of utility which consumer gains from consumption of certain goods and services. |
|
| 37. |
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 Detailed SolutionA movement along a given demand curve caused by a change in demand price. The only factor that can cause a change in quantity demanded is price. A related, but distinct, concept is a change in demand. This change in quantity demanded is caused by a change in the demand price. |
|
| 38. |
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 a country becomes cheaper C. the value of such a country's currency rises D. foreign goods are attracted into the country Detailed SolutionThe devaluation or depreciation of currency tends to raise the price level in the country and thus increase the rate of inflation. This causes the exports of goods to increase and reduces the supply and availability of goods in the domestic market which tends to raise the domestic price level. |
|
| 39. |
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 Detailed SolutionInternational trade allows countries, states, brands, and businesses to buy and sell in foreign markets. This trade diversifies the products and services that various countries offer thereby providing an international market for local goods. |
|
| 40. |
A financial institution established for the purpose of providing specialzed services like acceptance of bills of exchange and equipment leasing is known as A. Merchant Bank B. Development Bank C. Central Bank D. Insurance Company Detailed SolutionMerchant Bank; a bank dealing in commercial loans and investment. |