Year :
1990
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
1 - 10 of 38 Questions
| # | Question | Ans |
|---|---|---|
| 1. |
Economics can be best defined as the study of A. how to spend the family income efficiently B. how to find minimum cost of production C. the interpretation of scarce resourceand date D. how scarce resource can be used efficiently E. why resource are scarce |
D |
| 2. |
Which of the following are resources for holding money instead of investing it? I Transaction motive II. Precautionary motive III. Speculative motive IV. Liquidity motive A. I and II only B. I and III only C. I, II and III only D. I, II and IV only E. II, III and IV only |
C |
| 3. |
It is general belief that inflation in West Africa is caused by all the factors listed below except A. excessive bank lending B. budget deficit C. rising incomes D. shortage supply E. decrease in money supply |
E |
| 4. |
All the following are specific examples of indirect tax except A. purchases tax B. import duty C. export duty D. excise duty E. poll tax |
E |
| 5. |
Demand in Economics is synonymous with A. needs B. wants of the consumer C. all goods demanded in the market D. wants supported with ability to pay E. all consumers goods |
D |
| 6. |
All the following factors will cause a change in demand except A. the consumer's income B. the consumer's taste C. a change in population size D. a change in weather condition E. the price of commodity Detailed SolutionThe price of the commodity does not lead to a change in demand, but rather, it will cause a change in the quantity demanded.Note that a change in demand and a change in quantity demanded are two different terminologies. A change in demand means that the entire demand curve shifts either left or right. While a change in quantity demanded refers to a movement along the demand curve, which is caused only by a change in price. |
|
| 7. |
A rational consumer tends to do all the following except A. buying more at a high price than at a low price B. buying more at a low price than at a high price C. buying at utility maximization D. reacting to price changes E. complying with the law of demand |
A |
| 8. |
A firm that charges different price of goods or services that have same technical qualities is called A. a perfect competitor B. a monopsony C. an oligopoly D. a discriminating monopoly E. a duopoly |
D |
| 9. |
A perfect market has all the following features except that A. there are many buyers and few sellers B. the commodities bought and sold are homogenous C. there is free entry and exit D. buyers and sellers have perfect knowledge of the market E. there is only one ruling price |
A |
| 10. |
The purchasing power of the Naira will fall when A. workers are retrenched B. the colour of the naira is changed C. the government cuts all salaries and wages D. there is inflation E. the naira is overvalued |
D |
| 1. |
Economics can be best defined as the study of A. how to spend the family income efficiently B. how to find minimum cost of production C. the interpretation of scarce resourceand date D. how scarce resource can be used efficiently E. why resource are scarce |
D |
| 2. |
Which of the following are resources for holding money instead of investing it? I Transaction motive II. Precautionary motive III. Speculative motive IV. Liquidity motive A. I and II only B. I and III only C. I, II and III only D. I, II and IV only E. II, III and IV only |
C |
| 3. |
It is general belief that inflation in West Africa is caused by all the factors listed below except A. excessive bank lending B. budget deficit C. rising incomes D. shortage supply E. decrease in money supply |
E |
| 4. |
All the following are specific examples of indirect tax except A. purchases tax B. import duty C. export duty D. excise duty E. poll tax |
E |
| 5. |
Demand in Economics is synonymous with A. needs B. wants of the consumer C. all goods demanded in the market D. wants supported with ability to pay E. all consumers goods |
D |
| 6. |
All the following factors will cause a change in demand except A. the consumer's income B. the consumer's taste C. a change in population size D. a change in weather condition E. the price of commodity Detailed SolutionThe price of the commodity does not lead to a change in demand, but rather, it will cause a change in the quantity demanded.Note that a change in demand and a change in quantity demanded are two different terminologies. A change in demand means that the entire demand curve shifts either left or right. While a change in quantity demanded refers to a movement along the demand curve, which is caused only by a change in price. |
|
| 7. |
A rational consumer tends to do all the following except A. buying more at a high price than at a low price B. buying more at a low price than at a high price C. buying at utility maximization D. reacting to price changes E. complying with the law of demand |
A |
| 8. |
A firm that charges different price of goods or services that have same technical qualities is called A. a perfect competitor B. a monopsony C. an oligopoly D. a discriminating monopoly E. a duopoly |
D |
| 9. |
A perfect market has all the following features except that A. there are many buyers and few sellers B. the commodities bought and sold are homogenous C. there is free entry and exit D. buyers and sellers have perfect knowledge of the market E. there is only one ruling price |
A |
| 10. |
The purchasing power of the Naira will fall when A. workers are retrenched B. the colour of the naira is changed C. the government cuts all salaries and wages D. there is inflation E. the naira is overvalued |
D |