Economics, 2013, WASSCE/WAEC MAY/JUNE, Exam, Paper 1 | Objectives

Paper Info

Year :

2013

Title :

Economics

Exam :

WASSCE/WAEC MAY/JUNE

Paper 1 | Objectives

11 - 20 of 46 Questions

#	Question	Ans
11.	A co-operative society is a A. finance house B. self -help business organization C. public corporation D. non-democratic business organization	B
12.	The value of money is effected by the A. speculative motive B. price level C. precautionary motive D. intervention of development	B
13.	Which of the following is a function of money? A. Medium of Communication B. Measure of securities C. Store of Wealth D. Discounting bills of exchange	B
14.	Which of the following is an asset of a commercial bank? A. Reserve funds B. Shareholders capital C. Customers' deposits D. Treasury bills Show Content Detailed Solution Treasury securities include short term bills, intermediate term notes and long term bonds. These bonds are an asset for banks in the same way that loans are an asset. The bank will receive a stream of payments in the future.	D
15.	An increase in the supply of a commodity X automatically results in an increase in the supply of another commodity Y. This is a cause of A. elastic supply B. joint supply C. exceptional supply D. competitive supply Show Content Detailed Solution Joint supply is where an increase or decrease in the supply of one good leads to an increase or decrease in supply of a by-product. For instance, an increase in the production of computers would lead to a corresponding increase in the supply of computer software, because a computer requires a software to operate	B
16.	Why would an individual increase his level of consumption during inflationary periods? A. The real value of any amount saved falls over time B. Interest rates are generally low C. There are varieties of goods to buy D. Wages and salaries stagnate during inflation Show Content Detailed Solution Because during inflation, much money is used to buy few goods. The value of money drops and the need to satisfy an individual's want rises. Money spent in buying basic goods increase.	A
17.	The type of monopoly that develops as a result of uneven distribution of resources is called A. legal monopoly B. natural monopoly C. state monopoly D. international monopoly	A
18.	Goods which have to be paid for are known as A. physical goods B. economic goods C. free goods D. intangible goods Show Content Detailed Solution An economic good is a consumable item that is useful to people but scarce in relation to its demand, so that human effort is required to obtain it. People work towards owning these goods because they are essential. Example include Food, clothing and housing.	B
19.	Goods are said to be in competitive demand when they are A. substitutes B. complementary C. jointly demanded D. identical Show Content Detailed Solution Goods are considered competitive when they can readily be substituted for one another.	A
20.	In the long term run factors of production are considered to be A. at maximum B. fixed C. variable D. increasing Show Content Detailed Solution In the Long-Run, all factors of production are variable and firms are able to adjust all costs	C

11.	A co-operative society is a A. finance house B. self -help business organization C. public corporation D. non-democratic business organization	B
12.	The value of money is effected by the A. speculative motive B. price level C. precautionary motive D. intervention of development	B
13.	Which of the following is a function of money? A. Medium of Communication B. Measure of securities C. Store of Wealth D. Discounting bills of exchange	B
14.	Which of the following is an asset of a commercial bank? A. Reserve funds B. Shareholders capital C. Customers' deposits D. Treasury bills Show Content Detailed Solution Treasury securities include short term bills, intermediate term notes and long term bonds. These bonds are an asset for banks in the same way that loans are an asset. The bank will receive a stream of payments in the future.	D
15.	An increase in the supply of a commodity X automatically results in an increase in the supply of another commodity Y. This is a cause of A. elastic supply B. joint supply C. exceptional supply D. competitive supply Show Content Detailed Solution Joint supply is where an increase or decrease in the supply of one good leads to an increase or decrease in supply of a by-product. For instance, an increase in the production of computers would lead to a corresponding increase in the supply of computer software, because a computer requires a software to operate	B

16.	Why would an individual increase his level of consumption during inflationary periods? A. The real value of any amount saved falls over time B. Interest rates are generally low C. There are varieties of goods to buy D. Wages and salaries stagnate during inflation Show Content Detailed Solution Because during inflation, much money is used to buy few goods. The value of money drops and the need to satisfy an individual's want rises. Money spent in buying basic goods increase.	A
17.	The type of monopoly that develops as a result of uneven distribution of resources is called A. legal monopoly B. natural monopoly C. state monopoly D. international monopoly	A
18.	Goods which have to be paid for are known as A. physical goods B. economic goods C. free goods D. intangible goods Show Content Detailed Solution An economic good is a consumable item that is useful to people but scarce in relation to its demand, so that human effort is required to obtain it. People work towards owning these goods because they are essential. Example include Food, clothing and housing.	B
19.	Goods are said to be in competitive demand when they are A. substitutes B. complementary C. jointly demanded D. identical Show Content Detailed Solution Goods are considered competitive when they can readily be substituted for one another.	A
20.	In the long term run factors of production are considered to be A. at maximum B. fixed C. variable D. increasing Show Content Detailed Solution In the Long-Run, all factors of production are variable and firms are able to adjust all costs	C