Year :
1995
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
21 - 30 of 39 Questions
| # | Question | Ans |
|---|---|---|
| 21. |
At optimum population level, a country has its A. maximum population B. ageing population C. highest birth rate D. highest output per heade E. lowest death rate |
D |
| 22. |
Which of the following does not give a characteristics of money? A. Durable B. Portable C. Divisible into small units D. Generally acceptable E. Medium of exchange Detailed SolutionThe characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability. |
|
| 23. |
Which of the following constitute the major components of money supply in a development economy? A. Demand deposits B. Paper money C. Bank drafts D. Coins E. Time deposits |
A |
| 24. |
A point along a consumer's indifference curve shows A. the difference commodities he can consume B. a combination of all commodities he is willing to buy C. a combination of two commodities from which he derive the same satisfaction D. the quantity of commodities demanded by him E. the difference between quantity supplied and quantity demanded |
C |
| 25. |
If a monopolist is attempting to maximize profit , which of the following should he attempt to do? A. Equate average cost to average revenue B. Equate marginal cost to marginal revenue C. Equate marginal cost to average revenue D. fix price and output E. Equate price to total cost |
B |
| 26. |
The greatest foreign exchange earner for Nigeria before the advent of petroleum was A. mining B. handicraft C. agriculture D. manufacturing E. tourism |
C |
| 27. |
A budget is define as a A. Summary of expected expenditure by individuals and government B. summary of expected income C. record of value of services rendered in a year D. record of goods produced in a year E. summary of expected income and expenditure |
E |
| 28. |
The real value of money is A. its face value B. what it can buy ata a particular time C. its rate of exchange with other currencies D. its intrinsic worth E. its rate of circulation |
B |
| 29. |
A tax whose rate increases as income increases is A. an indirect tax B. a progressive tax C. a regressive tax D. a direct tax E. a proportional tax |
B |
| 30. |
Which of the following best describes the multiplier? A. products of income and expenditure B. Curves of savings and expenditure C. Ratio of change in income to the expenditure that brought it about D. Constant level of income E. Equality of marginal propensity to consume and save |
C |
| 21. |
At optimum population level, a country has its A. maximum population B. ageing population C. highest birth rate D. highest output per heade E. lowest death rate |
D |
| 22. |
Which of the following does not give a characteristics of money? A. Durable B. Portable C. Divisible into small units D. Generally acceptable E. Medium of exchange Detailed SolutionThe characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability. |
|
| 23. |
Which of the following constitute the major components of money supply in a development economy? A. Demand deposits B. Paper money C. Bank drafts D. Coins E. Time deposits |
A |
| 24. |
A point along a consumer's indifference curve shows A. the difference commodities he can consume B. a combination of all commodities he is willing to buy C. a combination of two commodities from which he derive the same satisfaction D. the quantity of commodities demanded by him E. the difference between quantity supplied and quantity demanded |
C |
| 25. |
If a monopolist is attempting to maximize profit , which of the following should he attempt to do? A. Equate average cost to average revenue B. Equate marginal cost to marginal revenue C. Equate marginal cost to average revenue D. fix price and output E. Equate price to total cost |
B |
| 26. |
The greatest foreign exchange earner for Nigeria before the advent of petroleum was A. mining B. handicraft C. agriculture D. manufacturing E. tourism |
C |
| 27. |
A budget is define as a A. Summary of expected expenditure by individuals and government B. summary of expected income C. record of value of services rendered in a year D. record of goods produced in a year E. summary of expected income and expenditure |
E |
| 28. |
The real value of money is A. its face value B. what it can buy ata a particular time C. its rate of exchange with other currencies D. its intrinsic worth E. its rate of circulation |
B |
| 29. |
A tax whose rate increases as income increases is A. an indirect tax B. a progressive tax C. a regressive tax D. a direct tax E. a proportional tax |
B |
| 30. |
Which of the following best describes the multiplier? A. products of income and expenditure B. Curves of savings and expenditure C. Ratio of change in income to the expenditure that brought it about D. Constant level of income E. Equality of marginal propensity to consume and save |
C |