Year :
2010
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
1 - 10 of 48 Questions
| # | Question | Ans |
|---|---|---|
| 1. |
The following are examples of economic goods except A. bottled water B. air C. household utensils D. shelter Detailed SolutionAn economic good is a good or service that has a benefit (utility) to society. Also, economic goods have a degree of scarcity and therefore an opportunity cost. This is in contrast to a free good (like air, sea, water) where there is no opportunity cost.Air is a free good and not an economic good |
|
| 2. |
A tent-making factory offers A. personal services B. indirect services C. social services D. reflex services Detailed SolutionIndirect services means services provided without person-to-person contact such as those provided by administration, dietary, laundry, and maintenance. A tent making factory provide their service by producing tents, which are sold to the end user in the market. They do not meet face to face with the users of their products. Hence their services are indirect |
|
| 3. |
In which of the following economic system do we have mostly private ownership of resources and individual decision making? A. Capitalist system B. Socialist system C. Mixed system D. Traditional system |
A |
| 4. |
The sum of items divided by the number of items is the A. frequency B. mean C. median D. mode |
B |
| 5. |
Find the median of the following set of scores 8,9,6,5,10 A. 9 B. 8 C. 6 D. 5 Detailed SolutionIn order to calculate the median, the data must first be ranked (sorted in ascending order). The median is the number in the middle. We rearrange this 8,9,6,5,105,6,8,9,10. 8 is the middle number |
|
| 6. |
Which of the following causes the demand curve to shift to the right? A. a reduction in size of population B. an increase in the income of the buyer C. the availability of substitutes D. a decrease in price of goods |
B |
| 7. |
Goods for which demands rises as income rises are A. complementary goods B. inferior goods C. normal goods D. substitutes |
C |
| 8. |
The slope of a supply curve is A. horizontal B. uniform C. positive D. vertical |
C |
| 9. |
Equilibrium price is the price at which quantity A. demand greater than quantity supplied B. supplied is greater than quantity demanded C. demand is equal to quantity supplied D. supplied equals quantity produced |
C |
| 10. |
A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to A. be unchanged B. remain elastic C. remain inelastic D. rise |
D |
| 1. |
The following are examples of economic goods except A. bottled water B. air C. household utensils D. shelter Detailed SolutionAn economic good is a good or service that has a benefit (utility) to society. Also, economic goods have a degree of scarcity and therefore an opportunity cost. This is in contrast to a free good (like air, sea, water) where there is no opportunity cost.Air is a free good and not an economic good |
|
| 2. |
A tent-making factory offers A. personal services B. indirect services C. social services D. reflex services Detailed SolutionIndirect services means services provided without person-to-person contact such as those provided by administration, dietary, laundry, and maintenance. A tent making factory provide their service by producing tents, which are sold to the end user in the market. They do not meet face to face with the users of their products. Hence their services are indirect |
|
| 3. |
In which of the following economic system do we have mostly private ownership of resources and individual decision making? A. Capitalist system B. Socialist system C. Mixed system D. Traditional system |
A |
| 4. |
The sum of items divided by the number of items is the A. frequency B. mean C. median D. mode |
B |
| 5. |
Find the median of the following set of scores 8,9,6,5,10 A. 9 B. 8 C. 6 D. 5 Detailed SolutionIn order to calculate the median, the data must first be ranked (sorted in ascending order). The median is the number in the middle. We rearrange this 8,9,6,5,105,6,8,9,10. 8 is the middle number |
| 6. |
Which of the following causes the demand curve to shift to the right? A. a reduction in size of population B. an increase in the income of the buyer C. the availability of substitutes D. a decrease in price of goods |
B |
| 7. |
Goods for which demands rises as income rises are A. complementary goods B. inferior goods C. normal goods D. substitutes |
C |
| 8. |
The slope of a supply curve is A. horizontal B. uniform C. positive D. vertical |
C |
| 9. |
Equilibrium price is the price at which quantity A. demand greater than quantity supplied B. supplied is greater than quantity demanded C. demand is equal to quantity supplied D. supplied equals quantity produced |
C |
| 10. |
A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to A. be unchanged B. remain elastic C. remain inelastic D. rise |
D |