Year :
2020
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
21 - 30 of 49 Questions
| # | Question | Ans |
|---|---|---|
|
The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows |
||
| 21. |
What is the unit price of the firm's output A. $10.00 B. $2.70 C. $2.00 D. $1.70 |
D |
| 22. |
What is the firm's marginal revenue? A. $153.00 B. $17.00 C. $1.70 D. $O.80 Detailed SolutionMarginal revenue = the change in total revenue divided by the change in total output quantity.MR = \(\frac{17}{10}\) = $1.7 |
|
| 23. |
Organization and entrepreneurship are vested in diferrent persons in a A. cooperative society B. sole proprietorship C. partnership D. public company. |
D |
| 24. |
The public sector in a mixed economy is not always because of A. bureaucratic practice B. the desire to make huge change C. annual planning of activities D. the activities of shareholders |
A |
| 25. |
Which function of the wholesaler enables him to stabilize prices? A. Warehousing goods B. Advertising the goods C. Granting credit to retailers D. Transporting goods Detailed SolutionOne function of the Wholesaler is that he serves as a warehouse for the manufacturer. The wholesaler provides warehousing facilities to get rid of stockpiling at the production point. Goods are stored at the warehouse until they are bought, hence it gives the wholesaler an edge in the bargaining power of the products. He can decide to keep the goods as long as possible and sell them at a price he considers considerable. |
|
| 26. |
In the long run, as individuals receive higher wages, it causes A. demand for food to decrease B. demand for leisure to decrease C. supply of normal goods to decrease D. supply of labour to decrease |
A |
| 27. |
Labor productivity is defined as A. output per man-hour B. average Output C. the maximum number of hours Worked D. total output of labour Detailed SolutionLabor productivity measures the hourly output of a country's economy |
|
| 28. |
Which of the following problem has the least effect on agricultural productivity in West Africa? A. Incidence of pests and diseases B. Unfavourable weather conditions C. Urban-rural migration D. Illiteracy |
D |
| 29. |
The location of iron and steel industry at a place is due to A. easy access to raw materials B. access to cheap labour C. government policy D. good infrastructure Detailed SolutionIn choosing the location of a company involved in the production of iron and steel, the source of its raw material is the first and most important factor to consider. |
|
| 30. |
Import substitution as a strategy of industrialization is the A. replacement of locally produced goods with imported ones B. development of locally produced goods with imported ones C. establishment of firms to process imported raw materials D. act of using local inputs to produce goods for export Detailed SolutionImport substitution as a strategy of industrialization is a trade policy that advocates for the replacement of foreign imported goods with locally made goods. |
|
The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows |
||
| 21. |
What is the unit price of the firm's output A. $10.00 B. $2.70 C. $2.00 D. $1.70 |
D |
| 22. |
What is the firm's marginal revenue? A. $153.00 B. $17.00 C. $1.70 D. $O.80 Detailed SolutionMarginal revenue = the change in total revenue divided by the change in total output quantity.MR = \(\frac{17}{10}\) = $1.7 |
|
| 23. |
Organization and entrepreneurship are vested in diferrent persons in a A. cooperative society B. sole proprietorship C. partnership D. public company. |
D |
| 24. |
The public sector in a mixed economy is not always because of A. bureaucratic practice B. the desire to make huge change C. annual planning of activities D. the activities of shareholders |
A |
| 25. |
Which function of the wholesaler enables him to stabilize prices? A. Warehousing goods B. Advertising the goods C. Granting credit to retailers D. Transporting goods Detailed SolutionOne function of the Wholesaler is that he serves as a warehouse for the manufacturer. The wholesaler provides warehousing facilities to get rid of stockpiling at the production point. Goods are stored at the warehouse until they are bought, hence it gives the wholesaler an edge in the bargaining power of the products. He can decide to keep the goods as long as possible and sell them at a price he considers considerable. |
| 26. |
In the long run, as individuals receive higher wages, it causes A. demand for food to decrease B. demand for leisure to decrease C. supply of normal goods to decrease D. supply of labour to decrease |
A |
| 27. |
Labor productivity is defined as A. output per man-hour B. average Output C. the maximum number of hours Worked D. total output of labour Detailed SolutionLabor productivity measures the hourly output of a country's economy |
|
| 28. |
Which of the following problem has the least effect on agricultural productivity in West Africa? A. Incidence of pests and diseases B. Unfavourable weather conditions C. Urban-rural migration D. Illiteracy |
D |
| 29. |
The location of iron and steel industry at a place is due to A. easy access to raw materials B. access to cheap labour C. government policy D. good infrastructure Detailed SolutionIn choosing the location of a company involved in the production of iron and steel, the source of its raw material is the first and most important factor to consider. |
|
| 30. |
Import substitution as a strategy of industrialization is the A. replacement of locally produced goods with imported ones B. development of locally produced goods with imported ones C. establishment of firms to process imported raw materials D. act of using local inputs to produce goods for export Detailed SolutionImport substitution as a strategy of industrialization is a trade policy that advocates for the replacement of foreign imported goods with locally made goods. |