Year :
2018
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
21 - 30 of 49 Questions
| # | Question | Ans |
|---|---|---|
| 21. |
Wholesalers play an important role in the distribution of goods and services because they? A. are located very close to consumers B. finance both producers and retailers C. pass information on from retailers to consumers D. sell in small units to consumers Detailed SolutionWholesalers either take title to the goods they purchase, or they own the goods they purchase. If there is a significant change in the value of the products between the time of the purchase from the producer and the sale to theretailer, the wholesaler will absorb that profit or loss. |
|
| 22. |
If workers at the school canteen sell during the holidays, this is an example of? A. structural unemployment B. frictional unemployment C. seasonal unemployment D. residual unemployment Detailed SolutionSeasonal unemployment occurs when people are unemployed at certain times of the year, because they work in industries where they are not needed all year round. Examples of industries where demand, production and employment are seasonalinclude tourism and leisure, farming, construction and retailing. |
|
| 23. |
Positive checks as envisaged by Thamos Malthus can be prevented if A. date rate is reduced B. marriage is abolished C. more hospitals are built D. more restraint is adopted Detailed SolutionPositive checks are those, according to Thomas Malthus, that increase the death rate. These include disease, war, disaster, and finally when other checks don't reduce the population, famine. Malthus felt that the fear of famine or the development of famine was also a major impetus to reduce the birth rate. |
|
| 24. |
Which of the following factors is not a reason for farmer's unstable incomes A. dependence on too many crops B. poor storage facilities C. adverse weather condition D. recession in the world economy |
A |
| 25. |
Local firms can help in reducing unemployment in a country when? A. land acquisition becomes centralized B. imports of substitutes are reduced C. waste in the firm is eliminated D. subsidies to firms are decreased Detailed SolutionImport substitution is a trade and economic policy which advocates replacing foreign imports with domestic production, it is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. |
|
| 26. |
An industry is described as a group of firms A. that provides jobs for many people B. which uses advance technology in production C. which produces similar products D. that provides jobs for few people Detailed SolutionAn industry is a group of manufacturers or businesses that produce a particular kind of goods or services. |
|
| 27. |
The largest component of national income in developing countries consist of? A. profits B. profit and rent C. rent D. wages and salaries Detailed SolutionThe largest component of national income is: compensation of employees. (wages and salaries). National income measures: the market value or cost of the resources used in the production of the national output. |
|
| 28. |
A baker bought flour and other ingredients for $250.00, spent $52.00 on distribution, sold the bread for $320.00. the value added by the baker is? A. $302.00 B. $52.00 C. $18.00 D. $622.00 Detailed Solutionfloor = $250distribution cost = $52 250 + 52 = 302 selling price $320 - $302 = $18 |
|
| 29. |
In a country with large population of full-time housewives, national income A. will be composed of goods produced by women B. figures will be grossly over-stated C. statistics will be difficult to calculate D. figures will be grossly under-stated Detailed SolutionNational income of a country can be defined as the total market value of all final goods and services produced in the economy in a year.the income of a housewife is not counted in the National Income or the Gross National Product of the country. This will make the national income under stated |
|
| 30. |
Demand pull inflation is likely to be caused by? A. an increase in the cost of factors inputs B. increase in the income tax rate C. increase in bank lending rates D. increasingly large budget deficit Detailed SolutionThere are five causes for demand-pull inflation: |
| 21. |
Wholesalers play an important role in the distribution of goods and services because they? A. are located very close to consumers B. finance both producers and retailers C. pass information on from retailers to consumers D. sell in small units to consumers Detailed SolutionWholesalers either take title to the goods they purchase, or they own the goods they purchase. If there is a significant change in the value of the products between the time of the purchase from the producer and the sale to theretailer, the wholesaler will absorb that profit or loss. |
|
| 22. |
If workers at the school canteen sell during the holidays, this is an example of? A. structural unemployment B. frictional unemployment C. seasonal unemployment D. residual unemployment Detailed SolutionSeasonal unemployment occurs when people are unemployed at certain times of the year, because they work in industries where they are not needed all year round. Examples of industries where demand, production and employment are seasonalinclude tourism and leisure, farming, construction and retailing. |
|
| 23. |
Positive checks as envisaged by Thamos Malthus can be prevented if A. date rate is reduced B. marriage is abolished C. more hospitals are built D. more restraint is adopted Detailed SolutionPositive checks are those, according to Thomas Malthus, that increase the death rate. These include disease, war, disaster, and finally when other checks don't reduce the population, famine. Malthus felt that the fear of famine or the development of famine was also a major impetus to reduce the birth rate. |
|
| 24. |
Which of the following factors is not a reason for farmer's unstable incomes A. dependence on too many crops B. poor storage facilities C. adverse weather condition D. recession in the world economy |
A |
| 25. |
Local firms can help in reducing unemployment in a country when? A. land acquisition becomes centralized B. imports of substitutes are reduced C. waste in the firm is eliminated D. subsidies to firms are decreased Detailed SolutionImport substitution is a trade and economic policy which advocates replacing foreign imports with domestic production, it is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. |
| 26. |
An industry is described as a group of firms A. that provides jobs for many people B. which uses advance technology in production C. which produces similar products D. that provides jobs for few people Detailed SolutionAn industry is a group of manufacturers or businesses that produce a particular kind of goods or services. |
|
| 27. |
The largest component of national income in developing countries consist of? A. profits B. profit and rent C. rent D. wages and salaries Detailed SolutionThe largest component of national income is: compensation of employees. (wages and salaries). National income measures: the market value or cost of the resources used in the production of the national output. |
|
| 28. |
A baker bought flour and other ingredients for $250.00, spent $52.00 on distribution, sold the bread for $320.00. the value added by the baker is? A. $302.00 B. $52.00 C. $18.00 D. $622.00 Detailed Solutionfloor = $250distribution cost = $52 250 + 52 = 302 selling price $320 - $302 = $18 |
|
| 29. |
In a country with large population of full-time housewives, national income A. will be composed of goods produced by women B. figures will be grossly over-stated C. statistics will be difficult to calculate D. figures will be grossly under-stated Detailed SolutionNational income of a country can be defined as the total market value of all final goods and services produced in the economy in a year.the income of a housewife is not counted in the National Income or the Gross National Product of the country. This will make the national income under stated |
|
| 30. |
Demand pull inflation is likely to be caused by? A. an increase in the cost of factors inputs B. increase in the income tax rate C. increase in bank lending rates D. increasingly large budget deficit Detailed SolutionThere are five causes for demand-pull inflation: |