2016 Economics WAEC (WASSCE) Objective Past Questions (Paper 1)

Human wants are insatiable because wants are

Scale of preference is important for the following reasons except in

In a socialist economy, prices of commodities are determined by

Which of the following cannot be classified as land in economics

A country allocation to various sectors of the economy is shown in the pie chart below, use it to answer the question.

If the budget of the country was $7,200, how much is allocated to Education?

What is the ratio of expenditure on health to agriculture?

The demand curve for necessity is usually

What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? Total revenue will

If the quantity of men’s hat demanded per week is represented by the function \( \scriptsize Qd = 20 \: – \: \normalsize \frac{1}{3} \scriptsize P \)

where P is price.

How many hats are demanded when the price is $9.00?

The demand for torch and batteries is an example of

Price elasticity of demand of supply measures how responsive

The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to

The supply of rice in tons is given by the fraction: Qs – 80 – 0.7P = 0.

Where Qs = Quantity supplied, P = price in dollars.

Find Qs, when P =$40

How does producers expectation of a price fall affect the supply curve of a product? There will be

One relationship between marginal utility and total utility is that when total utility is

A shift in the supply curve to the right while the demand curve remains the same will cause equilibrium price

A price floor results in

An entrepreneur is encouraged to adopt division of labour in production because it

The long-run is a period when

The necessary condition for a firm to be in equilibrium is that marginal revenue is

At which stage of production should a firm shut down? When

Charging different prices for the same commodity is a feature of a

In a partnership, the conduct of members is guided by

Indigenization policy is a measure aimed at

Which of the following measures will hinder efficient distribution of goods in West Africa?

The type of unemployment that occurs as a result physical or mental disability of labour is known as

One feature of a growing population is

Efficiency of labour in a country is determined by the following factors except the

Which of the following will encourage capital intensive farming?

Which of the following best explains why more foreign investments are not attracted to West Africa?

Location of firms in rural areas may

In national income accounting, double counting occurs when

The difference between GDP and GNP is

Which of the following items is not included in the measurement of the national income using the income approach?

A bank note is said to be a legal tender because it is

During Inflation, interest rate will

Cost-push inflation is likely to arise when

Which of the following financial institutions cannot be found on the capital market of a country?

The stock market is a market for

Indirect taxes are generally

Fiscal policy that can control inflation will include the use of

Which of the following is a cause of under-development in West Africa?

Which of the following is not a major problem of development?

The principle of comparative cost advantage was propounded by

The rate at which a country’s export is exchanged for her imports is

Balance of payment surplus implies that receipts for exports are

When the international value of a country’s currency rises, other things being equal, the country’s

One of the physical measures that can be used to reduce the volume of imports is the

When a number of countries agree to remove all trade barriers among themselves and at the same time charge a common tariff against non-member countries, is known as

Which of the following international organization organizations is concerned with the stabilization of the balance of payments? The