2014 Economics WAEC (WASSCE) Objective Past Questions (Paper 1)

Human wants are unlimited because

A basic economic problem of any society is

In a centrally planned economy, what to produce is

Which of the following is related to resource allocation in an economy?

Which of following is not a feature of socialism?

Households make economic decisions because they want to

State-owned enterprises are more common in

A normal supply curve has a positive slope which indicates that

To control inflation, the central bank of a country may adopt

Disposable income is the income earned

Livestock production in West Africa is hindered mainly by

The components of a three-sector economy are

A declining population is one in which the population is

Which of the following agencies help to stabilize farmers’ income?

Other things being equal, an increase in supply will lead to

Examples of joint stock banks are

Which of the following is not a characteristic of a developing country?  High

Goods consumed out of habit have

Which of the following items is not a recurrent expenditure?

If the coefficient of price elasticity of demand is 0.1, demand is

The profit of a producer is the difference between

The rate of increase in utility is

The supply of tea is linearly presented as P = 0.2Q, where P is the price and Q is the quantity. What is P when Q = 25?

Increase in supply due to changes in plant size will take place only in the

The long – run average cost curve is made up of several short-run

Use the above table to answer this question.

From the table, the mean of the distribution is

Use the above table to answer this question.

What is the median of the distribution?

Co-operative societies formed to market the output of their members are called

Money will serve as a standard of deferred payment if it is

Due to an increase in price, a seller increases the quantity offered for sale from 400 units to 450 units. What is the percentage change in quantity supplied?

Which of the following will increase the nominal value of national income?

Cyclical unemployment is one associated with

Which of the following best defines inflation?

Perfect knowledge of events in a perfect market will be made possible by the existence of

An increase in the price of a commodity from $10 to $15 leads to an increase in the quantity supplied from 10 units to 15 units. The price elasticity of supply is

Economic development may be hindered if there is

Which of the following types of unemployment results from changes in the pattern of aggregate demand ?

Which of the following is not a reason countries import goods?

Provision of short-term loans to solve balance of payments problems is done by the

West African countries are experiencing worsening terms of trade because

Which of the following statements is correct?

A change in the quantity demanded of a given commodity is determined by the

The likely implication of the devaluation of a country’s currency is that

International trade is desirable because it

A financial institution established for the purpose of providing specialzed services like acceptance of bills of exchange and equipment leasing is known as

Which of the following functions of money is mostly affected during inflation?

Precautionary motive for holding money is to

Which of the following measures will not encourage industrialization in West Africa?

The concentration of many firms of a particular industry in a particular area is known as

Which of the following is not an effect of the discovery of mineral resources in an area?