Year :
1988
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
11 - 20 of 37 Questions
| # | Question | Ans |
|---|---|---|
| 11. |
Which of these factors does not cause a change in demand? A. Income B. Taste and fashion C. Population D. Price of other commodities E. Price of the commodity concerned Detailed SolutionA change in demand means a change in consumers' desire to purchase a particular good or service, irrespective of a change in its price.The following are the factors affecting a change in demand From the above explanation, the price of the commodity does not affect the willingness of the consumer to purchase the commodity, hence option E is the correct option. |
|
| 12. |
Price control can be defined as the fixing by Government of maximum or minimum price of A. Luxury goods B. Inferior goods C. Imported capital goods D. Certain selected goods E. Goods consumed by low income earners |
D |
| 13. |
When the price of commodity A increases, the demand for commodity B decreases, then A and B are A. Close substitutes B. Complementary goods C. Supplementary goods D. Gifted goods E. Luxurious goods |
B |
| 14. |
When the demand for a commodity is inelastic, total revenue will fall if A. Price is increased B. Price is reduced C. Price remains constant D. Price is not given E. The commodity is a luxury |
B |
| 15. |
The major currency used for granting credits to member countries of the International Monetary Fund (IMF) is the A. US dollars . B. Canadian dollars C. Pounds sterling D. Deutschemark E. Belgian franc |
A |
| 16. |
The two largest producers of crude oil in Nigeria are A. Borno and Ondo States B. Oyo and Bendel States C. Kwara and Benue States D. Rivers and Bendel States E. Niger and Rivers States |
D |
| 17. |
Nigerian indigenization decree was promulgated in order to A. Allow indigenes to have the full participation in the economic activities of the country B. Drive away foreigners C. Give equal chances to indigenes and foreigners in making economic decisions in the country D. Give industrial training to indigenes E. Indigenes expose the economic activities of the country |
A |
| 18. |
An economic system in which most capital goods are owned by individuals and private firms is known as A. Mixed economy B. Planned economy C. Capitalist economy D. Traditional economy E. Civilized economy |
C |
| 19. |
Which of the following is not a feature of Sole Proprietorship? A. The Sole Proprietor provides the capital to start the business B. The Sole Proprietor is the boss of his business C. There is unlimited liability D. Continuity is doubtful at the death of the proprietor E. Decision can be taken only by ten people |
E |
| 20. |
The International Bank of Reconstruction and Development (IBRD) is important to the developing nations because it A. Gives loans to member s for legal proceedings B. Offer grants and aids for defense C. Enhances financial relationship among countries D. Offer soft loans for educational and health services E. Offer grants and aid to finance private projects |
C |
| 11. |
Which of these factors does not cause a change in demand? A. Income B. Taste and fashion C. Population D. Price of other commodities E. Price of the commodity concerned Detailed SolutionA change in demand means a change in consumers' desire to purchase a particular good or service, irrespective of a change in its price.The following are the factors affecting a change in demand From the above explanation, the price of the commodity does not affect the willingness of the consumer to purchase the commodity, hence option E is the correct option. |
|
| 12. |
Price control can be defined as the fixing by Government of maximum or minimum price of A. Luxury goods B. Inferior goods C. Imported capital goods D. Certain selected goods E. Goods consumed by low income earners |
D |
| 13. |
When the price of commodity A increases, the demand for commodity B decreases, then A and B are A. Close substitutes B. Complementary goods C. Supplementary goods D. Gifted goods E. Luxurious goods |
B |
| 14. |
When the demand for a commodity is inelastic, total revenue will fall if A. Price is increased B. Price is reduced C. Price remains constant D. Price is not given E. The commodity is a luxury |
B |
| 15. |
The major currency used for granting credits to member countries of the International Monetary Fund (IMF) is the A. US dollars . B. Canadian dollars C. Pounds sterling D. Deutschemark E. Belgian franc |
A |
| 16. |
The two largest producers of crude oil in Nigeria are A. Borno and Ondo States B. Oyo and Bendel States C. Kwara and Benue States D. Rivers and Bendel States E. Niger and Rivers States |
D |
| 17. |
Nigerian indigenization decree was promulgated in order to A. Allow indigenes to have the full participation in the economic activities of the country B. Drive away foreigners C. Give equal chances to indigenes and foreigners in making economic decisions in the country D. Give industrial training to indigenes E. Indigenes expose the economic activities of the country |
A |
| 18. |
An economic system in which most capital goods are owned by individuals and private firms is known as A. Mixed economy B. Planned economy C. Capitalist economy D. Traditional economy E. Civilized economy |
C |
| 19. |
Which of the following is not a feature of Sole Proprietorship? A. The Sole Proprietor provides the capital to start the business B. The Sole Proprietor is the boss of his business C. There is unlimited liability D. Continuity is doubtful at the death of the proprietor E. Decision can be taken only by ten people |
E |
| 20. |
The International Bank of Reconstruction and Development (IBRD) is important to the developing nations because it A. Gives loans to member s for legal proceedings B. Offer grants and aids for defense C. Enhances financial relationship among countries D. Offer soft loans for educational and health services E. Offer grants and aid to finance private projects |
C |