Economics, 2010, WASSCE/WAEC MAY/JUNE, Exam, Paper 1 | Objectives

Paper Info

Year :

2010

Title :

Economics

Exam :

WASSCE/WAEC MAY/JUNE

Paper 1 | Objectives

21 - 30 of 48 Questions

#	Question	Ans
21.	The wholesaler performs the following function except A. breaking the bulk B. offering credit facilities to the consumers C. financing manufacturers D. buying in bulk from manufacturers Show Content Detailed Solution Wholesaler performs the functions of collection and storage of goods, distribution, financing and risk taking. Wholesalers do not offer credit facilities to the consumers	B
22.	A country whose population size is too small relative to its resource is A. over populated B. optimally populated C. under populated D. producing the optimum output Show Content Detailed Solution Under population is a situation where a population is too small, therefore unable to fully utilize the available resource endowments. Under population is also characterized by a situation where the available resources are capable of supporting a much larger population with no reduction in living standards.	C
23.	An efficient weapon used in resolving dispute between employers and employees is A. co-operation B. collective bargaining C. display of placards D. legal action Show Content Detailed Solution Collective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights for workers.	B
24.	Which of the following does not explain why a school principal earns more salary than a school messenger? A. lenght of training B. demand and supply C. cost of training D. the messenger is a non-teaching staff	C
25.	The role of government in promoting agricultural development includes the following except A. paying the wages of farmers B. establishing and funding research C. formulation of policies D. provision of rural infrastructures Show Content Detailed Solution Government through its agencies relative to agriculture promote local agricultural products, provide food safety and inspection services, soil conservation and environmental protection. State policies regulate the production, transportation, processing, and marketing of commodities. Paying the wages of farmers is not part of government role in encouraging agric development. Farmers get their rewards from the sales of agricultural produce.	A
26.	The following are advantages of large scale agriculture except A. use of simple implements B. use of sophisticated implements C. increase in employment D. integration of crops and animal farming Show Content Detailed Solution The use of simple implements is an advantage of subsistent system of farming and not large scale farming. Large scale farming requires the use of sophisticated and advanced farm tools and machineries such as tractors, trucks etc.	A
27.	The following are all factors determining the location of industry except A. minimum wage rate B. availability of labour C. nearness of raw materials D. proximity to the market Show Content Detailed Solution Factors that influence where an industry locates include: This factors do not include minimum wage rate.	A
28.	Which of the following is not a concept in National Income Accounting? A. Domestic National Products (DNP) B. Gross National Product (GNP) C. Gross Domestic Product (GDP) D. Net Domestic Product (NDP) Show Content Detailed Solution There are various concepts of National Income, such as GDP, GNP, NNP, NI, PI, DI, and PCI which explain the facts of economic activities. Domestic National Products is not a National Income Accounting concept.	A
29.	Which of the following equation is appropriate for determining the Net Domestic Product (NDP)? A. NDP = GNP - depreciation B. NDP = GDP + Net Income from abroad C. NDP = GDP - depreciation D. NDP = GDP * Net Income from abroad Show Content Detailed Solution Net domestic product (NDP) is an annual measure of the economic output of a nation that is adjusted to account for depreciation and is calculated by subtracting depreciation from the gross domestic product (GDP).	C
30.	Which of the following over estimates the value of national income? A. incomplete statistical data B. Wrong timing of computation C. changes in price of goods within the year D. double counting Show Content Detailed Solution In national income, double counting happens when certain items are counted more than once resulting in over-estimation of national product to the extent of the value of intermediate goods included. This is called the problem of double counting which means counting value of the same commodity more than once.	D

21.	The wholesaler performs the following function except A. breaking the bulk B. offering credit facilities to the consumers C. financing manufacturers D. buying in bulk from manufacturers Show Content Detailed Solution Wholesaler performs the functions of collection and storage of goods, distribution, financing and risk taking. Wholesalers do not offer credit facilities to the consumers	B
22.	A country whose population size is too small relative to its resource is A. over populated B. optimally populated C. under populated D. producing the optimum output Show Content Detailed Solution Under population is a situation where a population is too small, therefore unable to fully utilize the available resource endowments. Under population is also characterized by a situation where the available resources are capable of supporting a much larger population with no reduction in living standards.	C
23.	An efficient weapon used in resolving dispute between employers and employees is A. co-operation B. collective bargaining C. display of placards D. legal action Show Content Detailed Solution Collective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights for workers.	B
24.	Which of the following does not explain why a school principal earns more salary than a school messenger? A. lenght of training B. demand and supply C. cost of training D. the messenger is a non-teaching staff	C
25.	The role of government in promoting agricultural development includes the following except A. paying the wages of farmers B. establishing and funding research C. formulation of policies D. provision of rural infrastructures Show Content Detailed Solution Government through its agencies relative to agriculture promote local agricultural products, provide food safety and inspection services, soil conservation and environmental protection. State policies regulate the production, transportation, processing, and marketing of commodities. Paying the wages of farmers is not part of government role in encouraging agric development. Farmers get their rewards from the sales of agricultural produce.	A

26.	The following are advantages of large scale agriculture except A. use of simple implements B. use of sophisticated implements C. increase in employment D. integration of crops and animal farming Show Content Detailed Solution The use of simple implements is an advantage of subsistent system of farming and not large scale farming. Large scale farming requires the use of sophisticated and advanced farm tools and machineries such as tractors, trucks etc.	A
27.	The following are all factors determining the location of industry except A. minimum wage rate B. availability of labour C. nearness of raw materials D. proximity to the market Show Content Detailed Solution Factors that influence where an industry locates include: This factors do not include minimum wage rate.	A
28.	Which of the following is not a concept in National Income Accounting? A. Domestic National Products (DNP) B. Gross National Product (GNP) C. Gross Domestic Product (GDP) D. Net Domestic Product (NDP) Show Content Detailed Solution There are various concepts of National Income, such as GDP, GNP, NNP, NI, PI, DI, and PCI which explain the facts of economic activities. Domestic National Products is not a National Income Accounting concept.	A
29.	Which of the following equation is appropriate for determining the Net Domestic Product (NDP)? A. NDP = GNP - depreciation B. NDP = GDP + Net Income from abroad C. NDP = GDP - depreciation D. NDP = GDP * Net Income from abroad Show Content Detailed Solution Net domestic product (NDP) is an annual measure of the economic output of a nation that is adjusted to account for depreciation and is calculated by subtracting depreciation from the gross domestic product (GDP).	C
30.	Which of the following over estimates the value of national income? A. incomplete statistical data B. Wrong timing of computation C. changes in price of goods within the year D. double counting Show Content Detailed Solution In national income, double counting happens when certain items are counted more than once resulting in over-estimation of national product to the extent of the value of intermediate goods included. This is called the problem of double counting which means counting value of the same commodity more than once.	D