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

Paper Info

Year :

2013

Title :

Economics

Exam :

WASSCE/WAEC MAY/JUNE

Paper 1 | Objectives

41 - 46 of 46 Questions

#	Question	Ans
41.	The main advantage of large scale production is that A. unit cost of production falls B. decision -making is quick C. worker-managemnet relationship is improved D. the quality of the product increases Show Content Detailed Solution One of the main advantages of large scale production is economies of scale. That is a proportionate saving in costs gained by an increased level of production. The large scale production reduces the cost of production to a considerable extent. For instance, assuming a manufacturing company consumes 50 litres of fuel to produce 1000 units of a product. The company would most likely use same 50literes of fuel in the production of 1500 units of output.	A
42.	Which of the following items is not included in measuring national income by the income approach? A. Profits of companies B. Rents on property C. Student's grants and scholarships D. Wages and salaries of public servants Show Content Detailed Solution National income using the income approach is calculated as; National Income = Rent + Wages + Interest + Profit + Mixed-Income. Student's grants and scholarships are not included in the calculation of national income	C
43.	Gold, diamond, iron ore and limestone are collectively referred to as A. human resources B. mineral resources C. artificial resources D. forest resources Show Content Detailed Solution Mineral resources are the quantity of natural concentrations of solid, liquid, and gaseous material in or on the Earth's crust. They include silver, diamond, gold, iron, aluminum, zinc, copper etc	B
44.	Points outside a production possibility curve indicate A. unattainable production levels B. attainable production levels C. inefficient, but attainable production levels D. optimum production levels Show Content Detailed Solution Point outside the production possibilities curve represents a combination of goods that is unattainable. This means an inefficient use of resources.	A
45.	The International Bank for Reconstruction and Development (IBRD) is important to developing nations because it A. gives aid for defence B. offers loans for public projects C. offers aid to finance private projects D. gives loans for legal proceedings Show Content Detailed Solution The world's largest development bank, IBRD also known as world bank provides financial products/aid and policy advice to help countries reduce poverty and extend the benefits of sustainable growth to all of their people.	B
46.	Which of the following can be used to calculate the price elasticity of demand? A. \(\frac{\text{percentage change in quality demand}}{\text{percentage change in price}}\) B. \(\frac{\text{percentage change in price}}{\text{percentage change inquantity demand}}\) C. \(\frac{\text{percentage change in quality demand}}{\text{percentage change in income}}\) D. \(\frac{\text{percentage change in income}}{\text{percentage change in quantity demand}}\) Show Content Detailed Solution The price elasticity of demand is calculated as the; percentage change in quantity demanded divided by a percentage change in price	A

41.	The main advantage of large scale production is that A. unit cost of production falls B. decision -making is quick C. worker-managemnet relationship is improved D. the quality of the product increases Show Content Detailed Solution One of the main advantages of large scale production is economies of scale. That is a proportionate saving in costs gained by an increased level of production. The large scale production reduces the cost of production to a considerable extent. For instance, assuming a manufacturing company consumes 50 litres of fuel to produce 1000 units of a product. The company would most likely use same 50literes of fuel in the production of 1500 units of output.	A
42.	Which of the following items is not included in measuring national income by the income approach? A. Profits of companies B. Rents on property C. Student's grants and scholarships D. Wages and salaries of public servants Show Content Detailed Solution National income using the income approach is calculated as; National Income = Rent + Wages + Interest + Profit + Mixed-Income. Student's grants and scholarships are not included in the calculation of national income	C
43.	Gold, diamond, iron ore and limestone are collectively referred to as A. human resources B. mineral resources C. artificial resources D. forest resources Show Content Detailed Solution Mineral resources are the quantity of natural concentrations of solid, liquid, and gaseous material in or on the Earth's crust. They include silver, diamond, gold, iron, aluminum, zinc, copper etc	B

44.	Points outside a production possibility curve indicate A. unattainable production levels B. attainable production levels C. inefficient, but attainable production levels D. optimum production levels Show Content Detailed Solution Point outside the production possibilities curve represents a combination of goods that is unattainable. This means an inefficient use of resources.	A
45.	The International Bank for Reconstruction and Development (IBRD) is important to developing nations because it A. gives aid for defence B. offers loans for public projects C. offers aid to finance private projects D. gives loans for legal proceedings Show Content Detailed Solution The world's largest development bank, IBRD also known as world bank provides financial products/aid and policy advice to help countries reduce poverty and extend the benefits of sustainable growth to all of their people.	B
46.	Which of the following can be used to calculate the price elasticity of demand? A. \(\frac{\text{percentage change in quality demand}}{\text{percentage change in price}}\) B. \(\frac{\text{percentage change in price}}{\text{percentage change inquantity demand}}\) C. \(\frac{\text{percentage change in quality demand}}{\text{percentage change in income}}\) D. \(\frac{\text{percentage change in income}}{\text{percentage change in quantity demand}}\) Show Content Detailed Solution The price elasticity of demand is calculated as the; percentage change in quantity demanded divided by a percentage change in price	A