Year :
2012
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
31 - 40 of 49 Questions
| # | Question | Ans |
|---|---|---|
| 31. |
One of the problems facing industrial development in West African countries is A. inadequate large market B. inadequate infrastructure C. inadequate supply of labour D. unavailability of natural resources Detailed SolutionDeveloping countries like those in west Africa frequently lack adequate physical and social infrastructure of all kinds and their substantial improvement is essential for rapid economic development. This has been a major setback on industrial development in the area. |
|
| 32. |
In a situation where the finished product of an industry is fragile, bulky and perishable, such an industry should be located close to its A. raw materials B. market C. labour supply D. power supply Detailed SolutionAn industry whose products are bulky, perishables and fragile should be located close to the market. This is to make sure such goods are sold early and fast to avoid the goods getting bad or destroyed while on transit. |
|
| 33. |
If Y = income, C = Consumption, I = Investment, X = Export and M = Import, then national income is A. Y = C - I + (x +m0 B. Y = C + I + (x + m) C. Y = C +I +(X - M) D. Y =C + I + (m - x) Detailed SolutionSince national income is the gross domestic product of a country plus all the wages, salaries of its citizens abroad minus earnings of foreign citizens residing in the said country;National Income = C + I + X - M (exports - imports) |
|
| 34. |
The national income is the A. Gross Domestic Product at market prices B. Gross National product at factor cost C. Net National Product at factor cost D. Net National Product at market prices Detailed SolutionThe gross national income (GNI), previously known as gross national product (GNP), is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents |
|
| 35. |
When depreciation is deducted from Gross National Product, the result is A. total national income B. gross domestic product C. net national product D. net domestic product Detailed SolutionNet national product is the total value of goods produced and services provided in a country during one year, after depreciation of capital goods has been deducted. |
|
| 36. |
Mr Akpoti has meat and wants maize, while Mr, Adama has maize and wants meat.transation is possible because of A. bank deposit B. joint demand C. scale of preference D. double coincidence of wants Detailed SolutionDouble coincidence of wants is when two people have goods they are both happy to swap in exchange. |
|
| 37. |
Which of the following is not a form of money? A. coins B. bank notes C. bank balance D. bank deposit Detailed SolutionBank balance is the amount of money held in a bank account at a given moment. It is not a form of money, but rather the total amount of money owned by a bank customer at a particular point in time |
|
| 38. |
A price index as a statistic, measures A. how the value of money changes over time B. the volume of currency in the economy C. the exchange rate of a country's currency D. the composition of goods and services Detailed SolutionA price index is a measure of how prices change over a period of time, or it is a way to measure inflation. |
|
| 39. |
The different between birth rate and death rate is known as A. demographic transition B. natural growth rate C. migration rate D. fertility rate Detailed SolutionThe natural growth rate refers to the difference between the number of live births and the number of deaths occurring in a year |
|
| 40. |
In open market operations, what the Central Banks sells or buys are A. shares B. debentures C. securities D. equities Detailed SolutionOpen market operations is where the federal government through the central bank buys and sells government securities to control the money supply and interest rates. |
| 31. |
One of the problems facing industrial development in West African countries is A. inadequate large market B. inadequate infrastructure C. inadequate supply of labour D. unavailability of natural resources Detailed SolutionDeveloping countries like those in west Africa frequently lack adequate physical and social infrastructure of all kinds and their substantial improvement is essential for rapid economic development. This has been a major setback on industrial development in the area. |
|
| 32. |
In a situation where the finished product of an industry is fragile, bulky and perishable, such an industry should be located close to its A. raw materials B. market C. labour supply D. power supply Detailed SolutionAn industry whose products are bulky, perishables and fragile should be located close to the market. This is to make sure such goods are sold early and fast to avoid the goods getting bad or destroyed while on transit. |
|
| 33. |
If Y = income, C = Consumption, I = Investment, X = Export and M = Import, then national income is A. Y = C - I + (x +m0 B. Y = C + I + (x + m) C. Y = C +I +(X - M) D. Y =C + I + (m - x) Detailed SolutionSince national income is the gross domestic product of a country plus all the wages, salaries of its citizens abroad minus earnings of foreign citizens residing in the said country;National Income = C + I + X - M (exports - imports) |
|
| 34. |
The national income is the A. Gross Domestic Product at market prices B. Gross National product at factor cost C. Net National Product at factor cost D. Net National Product at market prices Detailed SolutionThe gross national income (GNI), previously known as gross national product (GNP), is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents |
|
| 35. |
When depreciation is deducted from Gross National Product, the result is A. total national income B. gross domestic product C. net national product D. net domestic product Detailed SolutionNet national product is the total value of goods produced and services provided in a country during one year, after depreciation of capital goods has been deducted. |
| 36. |
Mr Akpoti has meat and wants maize, while Mr, Adama has maize and wants meat.transation is possible because of A. bank deposit B. joint demand C. scale of preference D. double coincidence of wants Detailed SolutionDouble coincidence of wants is when two people have goods they are both happy to swap in exchange. |
|
| 37. |
Which of the following is not a form of money? A. coins B. bank notes C. bank balance D. bank deposit Detailed SolutionBank balance is the amount of money held in a bank account at a given moment. It is not a form of money, but rather the total amount of money owned by a bank customer at a particular point in time |
|
| 38. |
A price index as a statistic, measures A. how the value of money changes over time B. the volume of currency in the economy C. the exchange rate of a country's currency D. the composition of goods and services Detailed SolutionA price index is a measure of how prices change over a period of time, or it is a way to measure inflation. |
|
| 39. |
The different between birth rate and death rate is known as A. demographic transition B. natural growth rate C. migration rate D. fertility rate Detailed SolutionThe natural growth rate refers to the difference between the number of live births and the number of deaths occurring in a year |
|
| 40. |
In open market operations, what the Central Banks sells or buys are A. shares B. debentures C. securities D. equities Detailed SolutionOpen market operations is where the federal government through the central bank buys and sells government securities to control the money supply and interest rates. |