2017 WAEC (WASSCE) Economics Past Questions & Answers

Question 1

A civil engineer who accepts to teach elementary science in a primary school because he cannot get a paid engineering job is an example of?

Accepted Answer

B. disguised unemployment

Answer

A. structural unemployment

Answer

C. residual unemployment

Answer

D. frictional unemployment

Question 2

Equity shares form the bulk of the capital of a?

Accepted Answer

B. public company

Answer

A. private firm

Answer

C. statutory company

Answer

D. limited partnership

Question 3

The amount of money that a firm recieves from the sales of its output is called

Accepted Answer

B. total revenue

Answer

A. total profit

Answer

C. total cost

Answer

D. average revenue

Question 4

The total number of people of working age who are willing and prepared to work at a given wage rate is the

Accepted Answer

B. supply of labour

Answer

A. labour force

Answer

C. demand of labour

Answer

D. occupational demand for labour

Question 5

which of the following is a threat to the existence of middlemen

Accepted Answer

A. consumers cooperative society

Answer

B. producers cooperative society

Answer

C. sales agents

Answer

D. large scale producers

Question 6

The difference between demand and wants is in the

Accepted Answer

C. ability to pay for the commodity

Answer

A. desire for the commodity

Answer

B. significance of the commodity

Answer

D. economic value of the commodity

Question 7

Modern international trade is based on the principle of?

Accepted Answer

B. comparative advantage

Answer

A. absolute cost advantage

Answer

C. terms of trade

Answer

D. balance of trade

Question 8

increase in the supply of a product can be caused by?

Accepted Answer

C. a fall in the cost of production

Answer

A. change and taste and fashion of consumers

Answer

B. increase in the income of consumers

Answer

D. increase in the price of a product

Question 9

in an industrial area, the location of industries is particularly influenced by ?

Accepted Answer

B. external economies

Answer

A. extent of the division of labour

Answer

C. internal economies

Answer

D. nearness to financial institution

Question 10

in a market economy, the problem of what goods to produced is solved primarily by

Accepted Answer

B. the pattern of consumers spending

Answer

A. directives of the government

Answer

C. producers of consumer goods

Answer

D. people producing what they want

Question 11

the negative effects of mining in wast A frica does not include?

Accepted Answer

A. Reafforestation in rural communities

Answer

B. land degradation

Answer

C. destruction of farm lands

Answer

D. pollution of water bodies

Question 12

A measure of the value of money in an economy is the

Accepted Answer

B. general price

Answer

A. size of workers

Answer

C. total level of savings

Answer

D. total amount of loans granted by the banks

Question 13

which of the following is a transfer income

Accepted Answer

C. pensions

Answer

A. dividends

Answer

B. rent

Answer

D. interest

Question 14

A rightward shift in the supply curve of a commodity is brought about by an increase in?

Accepted Answer

A. the level of technology

Answer

B. the price of the commodity

Answer

C. cost of production

Answer

D. taxation

Question 15

if the coefficient of cross elasticity of demand for goods Y and Z is positive, the two goods are?

Accepted Answer

B. substitutes

Answer

A. complements

Answer

C. luxurious

Answer

D. inferior

Question 16

A demand curve parallel to the Y-axis indicates

Accepted Answer

C. perfectly inelastic

Answer

A. fairly elastic demand

Answer

B. perfectly elastic demand

Answer

D. fairly inelastic demand

Question 17

which of the following is an example of derived demand

Accepted Answer

B. labour

Answer

A. textbook

Answer

C. staple food

Answer

D. mobile phone

Question 18

Economics is regarded as a science because?

Accepted Answer

B. it adopts scientific methods in making its analysis

Answer

A. its issues can be easily verified by reference to facts

Answer

C. its issues are relevant for national development

Answer

D. its subject matter studies human behaviour

Question 19

one problem facing the economic integration of countries in west Africa is the

Accepted Answer

B. uneven development among west African countries

Answer

A. presence of large and developed market

Answer

C. existence of different central banks in the countries

Answer

D. fairly of labour to move freely in the country

Question 20

which of the following terms of trade is recorded in a country's current account section of the balance of payments

Accepted Answer

A. investment income

Answer

B. foreign direct investment

Answer

C. longterm capital flows

Answer

D. long-term loans

Question 21

Another term for equilibrium price is?

Accepted Answer

C. market clearing price

Answer

A. price floor

Answer

B. demand price

Answer

D. satisfactory price

Question 22

one objective of organisation of patroleum exporting countries (OPEC) is to?

Accepted Answer

A. harmonize and stabilize oil prizes

Answer

B. ensure excess supply of oil to consuming countries

Answer

C. subsidize oil prices in member countries

Answer

D. assist member countries to exploit oil resources

Question 23

which of the following is not a feature of economic underdevelopment

Accepted Answer

B. high productivity

Answer

A. monocultural economy

Answer

C. low life expectancy

Answer

D. income inequality

Question 24

The specialization of labour enhances production because people?

Accepted Answer

C. can save time and produce more

Answer

A. can concentrate on all goods

Answer

B. can efficiently produce their own needs

Answer

D. become experts in all areas of production

Question 25

The function that distinguishes commercial banks from the central bank is that the former

Accepted Answer

B. accepts deposits from the public

Answer

A. is a lender of last resort

Answer

C. services the public debt

Answer

D. regulates foreign exchange

Question 26

which of the following is most likely to be of benefit to a debtor

Accepted Answer

A. inflation

Answer

B. deflation

Answer

C. revaluation

Answer

D. monetization

Question 27

price elasticity of supply can be influenced by the following factors except?

Accepted Answer

C. size of consumer income

Answer

A. time period

Answer

B. cost of production

Answer

D. nature of the product

Question 28

one way of speeding up the economic development of a country is by encouraging

Accepted Answer

D. savings and investment

Answer

A. the consumption of consumer goods

Answer

B. early marriage

Answer

C. the importation of more consumer goods

Question 29

if the weight of five puppies in kilograms are 3.5, 3.0, 4.2, 5.0 and 4.3, then mean weight of the puppies is?

Accepted Answer

B. 4.0 kg

Answer

A. 3.5 kg

Answer

C. 4.2 kg

Answer

D. 5.0 kg

Question 30

The control of aggregate demand through changes in government spending and tax rates is referred to as?

Accepted Answer

D. fiscal policy

Answer

A. monetary policy

Answer

B. government policy

Answer

C. income policy

Question 31

The system of agriculture which involves the cultivation of crops and rearing of animals for family consumption only is termed?

Accepted Answer

D. subsistent farming

Answer

A. peasant farming

Answer

B. plantation agriculture

Answer

C. commercial farming

Question 32

a rational consumer will purchase a product whose price is?

Accepted Answer

C. equal to his marginal utility

Answer

A. greater than his marginal utility

Answer

B. less than his marginal utility

Answer

D. equal to his total utility

Question 33

Infant industries can be described as?

Accepted Answer

A. newly established industries

Answer

B. industries enjoying tax holidays

Answer

C. industries producing baby products

Answer

D. newly commercialized industries

Question 34

Dumping in international occurs when a foreign firm sells

Accepted Answer

D. below its cost of production in a foreign market

Answer

A. above its cost of production at home and abroad

Answer

B. below its cost of production at home and abroad

Answer

C. more goods to a country than the country has need of

Question 35

the opportunity cost of a worker going to the university  is

Accepted Answer

C. the wages given up to attend the university

Answer

A. tuition, fees and books

Answer

B. boarding and lodging

Answer

D. transportation and entertainment

Question 36

Direct taxes include?

Accepted Answer

D. capital gain tax

Answer

A. excise duty

Answer

B. ad valorem tax

Answer

C. specific tax

Question 37

Effective supply is the total amount of a commodity

Accepted Answer

C. offered for sale at a market place

Answer

A. from a single producer

Answer

B. in the warehouse of producers

Answer

D. produced for the market

Question 38

if a state owned firm is sold through the stock market, the organisation becomes?

Accepted Answer

C. public limited company

Answer

A. partnership

Answer

B. private company

Answer

D. public corporation

Question 39

which of the following items is not an example of circulating capital

Accepted Answer

D. machinery

Answer

A. raw material

Answer

B. money

Answer

C. fuel

Question 40

parallel markets are usually the results of

Accepted Answer

C. price legislation

Answer

A. excess supply

Answer

B. the activities of rich individuals

Answer

D. inadequate information

Question 41

when a firm is enjoying internal economies of scale, its?

Accepted Answer

C. average cost of production decreases as output increases

Answer

A. total cost of production is increasing

Answer

B. average fixed cost is rising continuously

Answer

D. average revenue and marginal revenue are decreasing

Question 42

the value added method used in measuring national income is to

Accepted Answer

B. avoid multiple counting of output

Answer

A. measure output at factor cost

Answer

C. deduct depreciation of capital assets

Answer

D. add net factor income from abroad

Question 43

Which of the following resources is renewable

Accepted Answer

C. rice

Answer

A. coal

Answer

B. iron ore

Answer

D. limestone

Question 44

which of the following is an implication  of a large population

Accepted Answer

C. decrease in standard of living

Answer

A. decrease in crime rate

Answer

B. increase in food supply

Answer

D. decrease in cost of living

Question 45

one of the major functions of money is?

Accepted Answer

A. medium of exchange

Answer

B. stable in value

Answer

C. store of value

Answer

D. acceptance by the central bank

Question 46

which of the following is trueof the monopolist

Accepted Answer

D. he determines either price or output

Answer

A. his average revenue curve is horizontal

Answer

B. He determines both price and output

Answer

C. his demand and marginal revenue curve are the same

Question 47

which of the following can be added to a firm's profit to obtain total revenue

Accepted Answer

C. marginal cost

Answer

A. total variable cost

Answer

B. total fixed cost

Answer

D. total revenue

2017 WAEC (WASSCE) Economics Past Questions

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