Year :
1998
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
1 - 10 of 37 Questions
| # | Question | Ans |
|---|---|---|
| 1. |
The study of Economics enables the individuals to A. be misserly in the spending of his money B. derive maximum satisfaction from the money he spends C. determines the right market to visit D. avoids purchase of luxurious items E. derive solution to all problems |
B |
| 2. |
One way of solving the problem of scarcity that faces the individuals is for A. the government to import goods massively so that the citizen can get all they want B. them to work very hard so that they are able to buy all their wants C. them to choose between alternative since they cannot meet all their wants D. the government to study people's behaviour in order to know their wants E. them to use their resources as they want |
C |
| 3. |
At what price will a trader be ready to sell 6 oranges using the equilibrium below. p = 1/2 q + 2. where p is price and q is quantity? A. N3.00 B. N4.00 C. N5.00 D. N6.00 E. N8.00 |
C |
| 4. |
If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to A. cut costs B. maximize costs C. increase profits D. maximize utility E. manage scarce resources |
D |
| 5. |
Which of the following will shift the demand curve for Milo to the right? A. an increase in consumer's income B. a rise in the price of Milo C. a tax on cocoa producers D. a fall in the quantity demanded of Milo E. fall in the price of Milo Detailed SolutionIncreases in demand are shown by a shift to the right in the demand curve. This could be caused by a number of factors, including a rise in income, a rise in the price of a substitute or a fall in the price of a complement. |
|
| 6. |
An exceptional demand is one in which A. supplier sells all that he takes to the market B. consumers do not buy from the market C. quantity demanded falls as price falls D. purchase of services and not products is considered E. quantity demanded and price moves in opposite direction |
C |
| 7. |
The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be A. an excess demand B. an excess supply C. a surplus in the market D. many sellers in the market E. no seller in the market |
A |
| 8. |
The introduction of division of labour in a firm will lead to? A. a fall in output B. a decline in the efficiency of labour C. an increase output D. the separation of ownership from management E. an increase in unit cost |
C |
| 9. |
Total cost is the addition of A. real cost and money cost B. price and taxes C. fixed cost and variable cost D. average cost and marginal cost E. cost of raw materials and wages |
C |
| 10. |
Total cost is the addition of A. real cost and money cost B. price and taxes C. fixed cost and variable cost D. average cost and marginal cost E. cost of raw materials and wages |
C |
| 1. |
The study of Economics enables the individuals to A. be misserly in the spending of his money B. derive maximum satisfaction from the money he spends C. determines the right market to visit D. avoids purchase of luxurious items E. derive solution to all problems |
B |
| 2. |
One way of solving the problem of scarcity that faces the individuals is for A. the government to import goods massively so that the citizen can get all they want B. them to work very hard so that they are able to buy all their wants C. them to choose between alternative since they cannot meet all their wants D. the government to study people's behaviour in order to know their wants E. them to use their resources as they want |
C |
| 3. |
At what price will a trader be ready to sell 6 oranges using the equilibrium below. p = 1/2 q + 2. where p is price and q is quantity? A. N3.00 B. N4.00 C. N5.00 D. N6.00 E. N8.00 |
C |
| 4. |
If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to A. cut costs B. maximize costs C. increase profits D. maximize utility E. manage scarce resources |
D |
| 5. |
Which of the following will shift the demand curve for Milo to the right? A. an increase in consumer's income B. a rise in the price of Milo C. a tax on cocoa producers D. a fall in the quantity demanded of Milo E. fall in the price of Milo Detailed SolutionIncreases in demand are shown by a shift to the right in the demand curve. This could be caused by a number of factors, including a rise in income, a rise in the price of a substitute or a fall in the price of a complement. |
| 6. |
An exceptional demand is one in which A. supplier sells all that he takes to the market B. consumers do not buy from the market C. quantity demanded falls as price falls D. purchase of services and not products is considered E. quantity demanded and price moves in opposite direction |
C |
| 7. |
The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be A. an excess demand B. an excess supply C. a surplus in the market D. many sellers in the market E. no seller in the market |
A |
| 8. |
The introduction of division of labour in a firm will lead to? A. a fall in output B. a decline in the efficiency of labour C. an increase output D. the separation of ownership from management E. an increase in unit cost |
C |
| 9. |
Total cost is the addition of A. real cost and money cost B. price and taxes C. fixed cost and variable cost D. average cost and marginal cost E. cost of raw materials and wages |
C |
| 10. |
Total cost is the addition of A. real cost and money cost B. price and taxes C. fixed cost and variable cost D. average cost and marginal cost E. cost of raw materials and wages |
C |