Year :
1988
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
1 - 10 of 37 Questions
| # | Question | Ans |
|---|---|---|
| 1. |
'Economics is a science which studies human behaviours as a relationship between ends and scarce means which have alternative uses. 'Ends' her refers to A. resource B. wants C. choice D. output E. factors Detailed SolutionOne of the many definitions of Economics states “Economics is a science that studies the human behaviour as a relation between unlimited ends and the limited means.Ends = the human needs/wants. Means = resources. |
|
| 2. |
A review of occupational distribution of population from time to time helps us to know the A. rate of which the population grows B. number of people that makes up the labour force C. efficiency of the working population D. industries which are becoming less important E. number of people that are bot employed |
B |
| 3. |
The price of a commodity is determined by the A. supplier B. consumer C. quantity of goods demanded D. quantity of goods supplied E. interaction of demand and supply |
E |
| 4. |
The equilibrium position of a firm is attained A. when MC = AR B. when MC = PC C. when MC = MR D. when AC = AR E. when AR = MR |
C |
| 5. |
In any economic system , which of the following is not an economic problem? A. what goods and services to produce B. for whom to produce goods or services C. what techniques of production to be adopted D. equal distribution of goods and services E. how to ensure that the economy grow over time |
D |
| 6. |
In which of the following economics system is the consumer referred to as ‘The King’? A. Planned economy B. Mixed economy C. Traditional economy D. Free Market economy E. Socialist economy |
D |
| 7. |
Into which of these organization would you classify the International Monetary Fund (IMF) ? A. Political organization B. Trade organization C. Financial organization D. Social organization E. Commercial organization |
C |
| 8. |
A normal demand curve is A. Is concave to the point of origin B. Is convex to the point of origin C. Is parallel to X axis D. Is parallel to Y axis E. Slopes upwards from left to right |
B |
| 9. |
A demand schedule is A. A table containing the price of goods B. A table showing the relationship between price and quantity demanded of a commodity C. A table showing the consumer demand on order of importance D. The quantity of goods the consumer is prepared to buy E. The market demand |
B |
| 10. |
Which of the following is not an advantage of price control? A. Control of inflation B. Distortion of price mechanism C. Prevention of exploitation D. Control of producer’s profit E. Helping low income earners |
B |
| 1. |
'Economics is a science which studies human behaviours as a relationship between ends and scarce means which have alternative uses. 'Ends' her refers to A. resource B. wants C. choice D. output E. factors Detailed SolutionOne of the many definitions of Economics states “Economics is a science that studies the human behaviour as a relation between unlimited ends and the limited means.Ends = the human needs/wants. Means = resources. |
|
| 2. |
A review of occupational distribution of population from time to time helps us to know the A. rate of which the population grows B. number of people that makes up the labour force C. efficiency of the working population D. industries which are becoming less important E. number of people that are bot employed |
B |
| 3. |
The price of a commodity is determined by the A. supplier B. consumer C. quantity of goods demanded D. quantity of goods supplied E. interaction of demand and supply |
E |
| 4. |
The equilibrium position of a firm is attained A. when MC = AR B. when MC = PC C. when MC = MR D. when AC = AR E. when AR = MR |
C |
| 5. |
In any economic system , which of the following is not an economic problem? A. what goods and services to produce B. for whom to produce goods or services C. what techniques of production to be adopted D. equal distribution of goods and services E. how to ensure that the economy grow over time |
D |
| 6. |
In which of the following economics system is the consumer referred to as ‘The King’? A. Planned economy B. Mixed economy C. Traditional economy D. Free Market economy E. Socialist economy |
D |
| 7. |
Into which of these organization would you classify the International Monetary Fund (IMF) ? A. Political organization B. Trade organization C. Financial organization D. Social organization E. Commercial organization |
C |
| 8. |
A normal demand curve is A. Is concave to the point of origin B. Is convex to the point of origin C. Is parallel to X axis D. Is parallel to Y axis E. Slopes upwards from left to right |
B |
| 9. |
A demand schedule is A. A table containing the price of goods B. A table showing the relationship between price and quantity demanded of a commodity C. A table showing the consumer demand on order of importance D. The quantity of goods the consumer is prepared to buy E. The market demand |
B |
| 10. |
Which of the following is not an advantage of price control? A. Control of inflation B. Distortion of price mechanism C. Prevention of exploitation D. Control of producer’s profit E. Helping low income earners |
B |