2015 WAEC (WASSCE) Economics Past Questions & Answers

Question 1

All the following are methods of determing prices except?

Accepted Answer

B. rationing

Answer

A. maximum pricing

Answer

C. minimum pricing

Answer

D. auctioning

Question 2

The movement of labour from one grade to an entirely different grade is an example of?

Accepted Answer

C. vertical occupational mobility

Answer

A. industrial labour mobility

Answer

B. horizontal occupational mobility

Answer

D. geographical mobility

Question 3

An outward shift of the production possibility curve shows that?

Accepted Answer

C. economic growth has taken place

Answer

A. production is shifting to the left

Answer

B. resources are under-utilized

Answer

D. factors of production are moving outward

Question 4

when the demand for foreign exchange exceeds its supply, the value of the domestic currency

Accepted Answer

B. depreciates

Answer

A. appreciates

Answer

C. remains inchanged

Answer

D. expands

Question 5

which of the following is not a strong basis for trade unions demand for higher wages

Accepted Answer

D. commodity produced by the workers is very essential

Answer

A. company is making higher profit

Answer

B. productivity of workers has increased

Answer

C. members of the union have high qualifications

Question 6

Inflation may occur if there is?

Accepted Answer

C. excessive demand with limited supply

Answer

A. excess supply over demand

Answer

B. increase in productivity

Answer

D. increased government spending in a depressed economy

Question 7

which of the following is a benefit to a member country of World Bank?

Accepted Answer

A. easy access to long term loans

Answer

B. management of foreign exchange

Answer

C. mediating in labour dispute

Answer

D. financing balance of payment deficit

Question 8

which of the following can be described as land

Accepted Answer

B. diamond

Answer

A. forest

Answer

C. roads

Answer

D. crude oil

Question 9

one reason for low agrictural productivity in most west African countries is that?

Accepted Answer

C. farmers find it difficult getting help from financial institutions

Answer

A. farmers are not capable of producing cash crops

Answer

B. it does not provide income to farmers with large families

Answer

D. it is not the only source of raw materials for agro-based industries

Question 10

what is the total revenue from indirect tax

Accepted Answer

A. $686.0 m

Answer

B. $400.20 m

Answer

C. $135.80 m

Answer

D. $100.00 m

Question 11

which of the following is not an effect of many middlemen in the chain of production

Accepted Answer

B. low retail prices

Answer

A. shortage of commodities

Answer

C. hoarding of goods

Answer

D. high retail prices

Question 12

The export of west A frican countries are mostly composed of

Accepted Answer

B. raw materials

Answer

A. service

Answer

C. manufactured goods

Answer

D. consumer goods

Question 13

Economics is regarded as a science because it?

Accepted Answer

B. uses scientific method to explain human behaviour

Answer

A. studies laws that govern human behaviour

Answer

C. makes use of controlled experiments to explain human behaviour

Answer

D. makes use of machines to study human behaviour

Question 14

A concious effort of government to achieve a specific set of goals is?

Accepted Answer

A. economic planning

Answer

B. economic development

Answer

C. economic growth

Answer

D. economic target

Question 15

In national income accounting, the term ''net'' is used to indicate that a value-----

Accepted Answer

D. excludes depreciation

Answer

A. includes income of foreigners

Answer

B. includes income of citizens

Answer

C. includes depreciation

Question 16

increase in production subsidies will shift

Accepted Answer

B. the supply curve to the right

Answer

A. the demand curve to the left

Answer

C. both the supply demand curves to the left

Answer

D. supply curve to the left and demand curve to the right

Question 17

The following constitute the criteria for identifying an economic system except?

Accepted Answer

B. scarcity of resources

Answer

A. ownership of resources

Answer

C. method of decision making

Answer

D. motivation for production

Question 18

An industry is best described as

Accepted Answer

C. a group of firms that sells a closely related set of products

Answer

A. firm that sells a set of closely related commodities

Answer

B. a factory that produces different lines of product

Answer

D. industrial concern that is into production and selling of goods

Question 19

which of the following is not a reason for abnormal demand

Accepted Answer

A. price of the commodity

Answer

B. goods of ostentation

Answer

C. giffen goods

Answer

D. rare commodity

Question 20

In order to control inflation, the government should

Accepted Answer

C. adopt restrictive monetary policy

Answer

A. reduce the cost of borrowing

Answer

B. buy securities in the open market

Answer

D. discourage savings

Question 21

If the price of floor rises, then bread

Accepted Answer

B. supply curve will shift to the left

Answer

A. demand curve will shift to the left while supply curve will shift to the right

Answer

C. supply curve will shift to the right

Answer

D. demand curve will shift to the right while supply curve remains unchanged

Question 22

In order to correct adverse balance of payments problem, government should?

Accepted Answer

B. increase subsidies on exports

Answer

A. reduce tariffs

Answer

C. increase tax on local industries

Answer

D. reduce personal income tax

Question 23

In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to?

Accepted Answer

B. Add MU from the various levels

Answer

A. subtract MU from TU

Answer

C. multiply MU by the initial TU

Answer

D. Divide current MU by previous MU

Question 24

if the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a

Accepted Answer

D. giffen good

Answer

A. necessity

Answer

B. good of ostentation

Answer

C. normal good

Question 25

The difference between the gross domestic product (GDP) and gross national product (GNP) IS?

Accepted Answer

C. net income from abroad

Answer

A. depreciation

Answer

B. transfer payment

Answer

D. direct taxes

Question 26

which of the following best describes token money?

Accepted Answer

C. money with face value higher than its material content

Answer

A. money in the vaults of commercial banks

Answer

B. currency and coins in circulation

Answer

D. coins and notes made of poor quality material

Question 27

which of the following is not a method of controlling monopoly

Accepted Answer

B. indigenization

Answer

A. preventing mergers

Answer

C. privatization

Answer

D. imposing high profit tax

Question 28

The abolition of all forms of trade barriers among member countries while maintaining common external tariffs against non members is a feature of a

Accepted Answer

B. custom union

Answer

A. free trade

Answer

C. common market

Answer

D. economic union

Question 29

The law of diminishing marginal returns relate to?

Accepted Answer

C. total product

Answer

A. total utility

Answer

B. average utility

Answer

D. marginal utility

Question 30

which of the following will not affect the market price of a commodity

Accepted Answer

C. intersection of demand and supply

Answer

A. increase in demand

Answer

B. change in taste

Answer

D. increase in supply

Question 31

By adding all the marginal products at each level of employment of the variable input, we obtain a value equal to

Accepted Answer

B. total product

Answer

A. average product

Answer

C. average variable cost

Answer

D. total cost

Question 32

A country has favourable terms of trade when the prices of her

Accepted Answer

A. exports rises relative to the price of her imports

Answer

B. exports falls relative to the price of her imports

Answer

C. imports rise faster than the prices of imports

Answer

D. imports and exports move in the same direction

Question 33

A disadvantage of the mean as measure of central tendency is that?

Accepted Answer

A. is affected by extreme values

Answer

B. can only be used for continuous data

Answer

C. cannot be used to measure the qualities of a population

Answer

D. cannot be determined in group data

Question 34

which of the following will increase the demand for labour

Accepted Answer

B. labour's demand for output

Answer

A. Increase wage rate

Answer

C. low wage rate

Answer

D. low marginal productivity

Question 35

Frictional unemployment occurs when?

Accepted Answer

B. job seekers lack information where jobs exist

Answer

A. there is a change in the technique of production

Answer

C. bad weather prevents work from progressing

Answer

D. job seekers have disabilities

Question 36

Government revenue will increase if taxes are levied on goods with?

Accepted Answer

C. perfectly inelastic demand

Answer

A. perfectly elastic demand

Answer

B. fairly elastic demand

Answer

D. unitary elastic demand

Question 37

In developing countries, a larger percentage of the labour force is employed in the

Accepted Answer

C. primary sector

Answer

A. trade sector

Answer

B. tertiary sector

Answer

D. secondary sector

Question 38

which of the following curves is not U shaped

Accepted Answer

B. average fixed cost curve

Answer

A. marginal cost curve

Answer

C. average total cost curve

Answer

D. average variable cost

Question 39

The market supply curve slopes upward from left to right indicating that?

Accepted Answer

C. at a lower price, less is supplied

Answer

A. producers pay high taxes

Answer

B. two commodities can be supplied at the same time

Answer

D. at a lower price, more is supplied and demanded

Question 40

if a given change in price brings a proportionately larger change in quantity demanded, the

Accepted Answer

A. demand is relatively price elastic

Answer

B. demand is relatively price inelastic

Answer

C. price elasticity of demand is unitary

Answer

D. price elasticity of demand is constant

Question 41

location of firms of an industry is not influenced by?

Accepted Answer

C. nearness to the source of money supply

Answer

A. availability of raw material

Answer

B. existence of other firms

Answer

D. government policy

Question 42

The main item traded on a stock exchange market is

Accepted Answer

D. new shares

Answer

A. treasury bills

Answer

B. travellers cheque

Answer

C. foreign currencies

Question 43

which of the following features distinguishes a public limited company from a private limited company

Accepted Answer

D. sales of shares to the public

Answer

A. perpetual existence

Answer

B. limited liability

Answer

C. legal entity

Question 44

The proportion of commercial banks' total assets kept in the form of highly liquid assets is known as

Accepted Answer

C. cash ratio

Answer

A. demand deposit

Answer

B. fixed deposit

Answer

D. moral suasion

Question 45

what is the total revenue from non tax sources

Accepted Answer

B. $375.20 m

Answer

A. $400.20 m

Answer

C. $135.00 m

Answer

D. $75.00 m

Question 46

which of the following business organisations is likely to experience disagreements between management and shareholders

Accepted Answer

D. joint-stock company

Answer

A. co-operative society

Answer

B. sole trader

Answer

C. partnership

Question 47

Total cost is obtain by?

Accepted Answer

D. adding up the total variable cost and total fixed cost

Answer

A. adding up the marginal cost at each level

Answer

B. dividing the total cost of output at each level

Answer

C. adding up the average variable cost at each level

Question 48

which of the following is not an objective of economic planning

Accepted Answer

C. desire to widen the gap between developing countries and the developed world

Answer

A. need to direct economic development of the country towards the desired direction

Answer

B. desire to ensure a sustained cultural development of the country

Answer

D. management of scarce resources in the face of unlimited wants of the citizens

2015 WAEC (WASSCE) Economics Past Questions

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