Year :
2012
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
21 - 30 of 49 Questions
| # | Question | Ans |
|---|---|---|
| 21. |
One reason why small scale businesses are very common in West Africa is that A. they can easily float shares B. their management boards are easily formed C. their initial capital is easy to rise D. their dividened payments are very regular Detailed SolutionBecause they require minimal capital for start up. Most small businesses rely on loans and grants from family and friends, personal savings and plough back profit as their initial start up capital. |
|
| 22. |
A public limited company could finance its operations through A. government taxes B. equity shares C. dividend payments D. import duties Detailed SolutionPublic limited company can finance its operation by raising equity capital with initial public offering This is done by issuing new shares to the public or the existing shareholders can sell off their shares to other people without raising any fresh capital. |
|
| 23. |
The factor of production which takes the initiative in combining resources for production is known as A. capital B. land C. entrepreneur D. labour Detailed SolutionAn entrepreneur is a person who combines the other factors of production - land, labor, and capital - to earn a profit. |
|
| 24. |
The type of monopoly that develops as a result of granting patent right is known as A. natural monopoly B. state monopoly C. legal monopoly D. discriminating monopoly Detailed SolutionA legal monopoly, also known as a statutory monopoly, is a firm that is protected by law from competitors. Patent rights are exclusive right conferred by a patent. This means only the company with the patent can make or produce the product. |
|
| 25. |
Which of the following is a function of a retailer? A. Banking services B. Hoarding services C. Storage services D. Sales services Detailed SolutionAfter sales service refers to all the things you do for the care and feeding of your valued customers after they buy from you. A retailer purchases in bulk from the wholesalers and sells the products to the customers in small quantities, they provide after sales services such as installation, repairs, helping the customer in transporting the goods bought. |
|
| 26. |
The difference between the number of immigrants and emigrants is A. natural growth rate B. natural increase C. net migration D. census Detailed SolutionThe net migration rate is the difference between the number of immigrants (people coming into an area) and the number of emigrants (people leaving an area) throughout the year. |
|
| 27. |
All of the following is the features of optimum population except A. full employment of available resources B. unlimited amount of unexploited resources C. maximum per capita production and income D. high standard of living Detailed Solutionoptimum population yields highest quality of life, which means each person has access to adequate food, water, energy and air of highest quality, adequate medical care, recreational facilities and cultural outlets. It does not include unlimited amount of unexploited resources |
|
| 28. |
The financial institution that specializes in risk spreading is called A. an investment bank B. a development bank C. an insurance company D. the stockexchange Detailed SolutionInsurance company is a financial institution that provides coverage, in the form of compensation resulting from loss, damages, injury, treatment or hardship to personal and business assets |
|
| 29. |
The following are means of reducing the population of a country except encouraging A. emigration B. family planning C. early marriage D. sex education Detailed SolutionEarly marriage is not a means of reducing population growth. As a matter of fact, early marriage will lead to high child birth thereby increasing the population of a country. |
|
| 30. |
Which of the following features best describes peasant agriculture in West Africa? It A. specializes in the production of one crop B. involves the use of small farm holdings C. is a capital-intensive system of farming D. is mostly associated with tree crops Detailed SolutionPeasant farming refers to a type of small scale agriculture. Peasant farmers grow crops and often rear some livestock on a small scale.A smallholding is a small farm. Smallholdings are usually farms supporting a single family with a mixture of cash crops and subsistence farming. |
| 21. |
One reason why small scale businesses are very common in West Africa is that A. they can easily float shares B. their management boards are easily formed C. their initial capital is easy to rise D. their dividened payments are very regular Detailed SolutionBecause they require minimal capital for start up. Most small businesses rely on loans and grants from family and friends, personal savings and plough back profit as their initial start up capital. |
|
| 22. |
A public limited company could finance its operations through A. government taxes B. equity shares C. dividend payments D. import duties Detailed SolutionPublic limited company can finance its operation by raising equity capital with initial public offering This is done by issuing new shares to the public or the existing shareholders can sell off their shares to other people without raising any fresh capital. |
|
| 23. |
The factor of production which takes the initiative in combining resources for production is known as A. capital B. land C. entrepreneur D. labour Detailed SolutionAn entrepreneur is a person who combines the other factors of production - land, labor, and capital - to earn a profit. |
|
| 24. |
The type of monopoly that develops as a result of granting patent right is known as A. natural monopoly B. state monopoly C. legal monopoly D. discriminating monopoly Detailed SolutionA legal monopoly, also known as a statutory monopoly, is a firm that is protected by law from competitors. Patent rights are exclusive right conferred by a patent. This means only the company with the patent can make or produce the product. |
|
| 25. |
Which of the following is a function of a retailer? A. Banking services B. Hoarding services C. Storage services D. Sales services Detailed SolutionAfter sales service refers to all the things you do for the care and feeding of your valued customers after they buy from you. A retailer purchases in bulk from the wholesalers and sells the products to the customers in small quantities, they provide after sales services such as installation, repairs, helping the customer in transporting the goods bought. |
| 26. |
The difference between the number of immigrants and emigrants is A. natural growth rate B. natural increase C. net migration D. census Detailed SolutionThe net migration rate is the difference between the number of immigrants (people coming into an area) and the number of emigrants (people leaving an area) throughout the year. |
|
| 27. |
All of the following is the features of optimum population except A. full employment of available resources B. unlimited amount of unexploited resources C. maximum per capita production and income D. high standard of living Detailed Solutionoptimum population yields highest quality of life, which means each person has access to adequate food, water, energy and air of highest quality, adequate medical care, recreational facilities and cultural outlets. It does not include unlimited amount of unexploited resources |
|
| 28. |
The financial institution that specializes in risk spreading is called A. an investment bank B. a development bank C. an insurance company D. the stockexchange Detailed SolutionInsurance company is a financial institution that provides coverage, in the form of compensation resulting from loss, damages, injury, treatment or hardship to personal and business assets |
|
| 29. |
The following are means of reducing the population of a country except encouraging A. emigration B. family planning C. early marriage D. sex education Detailed SolutionEarly marriage is not a means of reducing population growth. As a matter of fact, early marriage will lead to high child birth thereby increasing the population of a country. |
|
| 30. |
Which of the following features best describes peasant agriculture in West Africa? It A. specializes in the production of one crop B. involves the use of small farm holdings C. is a capital-intensive system of farming D. is mostly associated with tree crops Detailed SolutionPeasant farming refers to a type of small scale agriculture. Peasant farmers grow crops and often rear some livestock on a small scale.A smallholding is a small farm. Smallholdings are usually farms supporting a single family with a mixture of cash crops and subsistence farming. |