2015 Economics WAEC (WASSCE) Objective Past Questions (Paper 1)

Economics is regarded as a science because it

Which of the following cannot be described as land?

An outward shift of the production possibility curve shows that

The following constitute the criteria for identifying an economic system except

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

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

If the price of flour increases, then bread’s

Which of the following is not a reason for abnormal demand?

Increase in production subsidies will shift

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

Government revenue will increase if taxes are levied on goods with

If a given change in price brings a proportionately larger change in quantity demanded, then

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

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

Which of the following will not affect the market price of a commodity?

All the following are methods of determining prices except

The law of diminishing marginal returns relates to

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

Total cost is obtained by

Which of the following cost curves is not U shaped?

Which of the following business organizations is likely to experience disagreements between management and shareholders?

Which of the following is not a method of controlling monopoly?

Which of the following features distinguishes a public limited company from a private limited company?

Inflation may occur if there is

Frictional unemployment occurs when

Which of the following will increase the demand for labour?

One reason for low agricultural productivity in most west African countries is that

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

Ten bags of wheat bought for $10 by a flour miller were sold for $65. What is the Value Added Tax payable by the flour miller if the tax rate is 5%?

Which of the following is not a strong basis for trade union’s demand for higher wages?

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

Location of firms of an industry is not influenced by

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

Which of the following best describes token money?

An industry is best described as

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

The main item traded on a stock exchange market is

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

Expected Revenue

Use the information to answer the following question

What is the total revenue from indirect tax?

Expected Revenue

Use the information to answer the following question

What is the total revenue from non-tax sources?

Which of the following is not an objective of economic planning?

In order to control inflation, the government should

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

The exports of West A African countries are mostly composed of

A conscious effort of the government to achieve a specific set of goals is

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

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

In order to correct the adverse balance of payments problems, the government should

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

Which of the following is an objective of OPEC?