2017 Economics WAEC (WASSCE) Objective Past Questions (Paper 1)

Economics is regarded as a science because

The opportunity cost of a worker going to the university is

Which of the following items is not an example of circulating capital?

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

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

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

The difference between demand and wants is in the

A demand curve parallel to the Y-axis indicates

Which of the following is an example of derived demand?

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

Effective supply is the total amount of a commodity

Price elasticity of supply can be influenced by the following factors except

Increase in the supply of a product can be caused by

A rational consumer will purchase a product whose price is

Parallel markets are usually the results of

Another term for equilibrium price is

When a firm is enjoying internal economies of scale, its

The specialization of labour enhances production because people

Which of the following can be added to a firm’s profit to obtain total revenue?

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

Which of the following is true of the monopolist?

Equity shares form the bulk of the capital of a

If a state-owned firm is sold through the stock market, the organization becomes

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

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

Which of the following is an implication of a large population?

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

An industry whose product loses considerable weight after processing must be sited close to

Which of the following is a threat to the existence of middlemen?

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

Which of the following is a transfer income?

The value-added method used in measuring national income is to

Which of the following is most likely to be of benefit to a debtor?

The formula Y = C + I + G +(X – M) will be appropriate for measuring national income using the:

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

One characteristic of money is that it should be

A financial institution that specializes in giving loans using real assets as collateral security is a

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

Direct taxes include

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

Which of the following is not a feature of economic underdevelopment?

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

Dumping in international occurs when a foreign firm sells

Infant industries can be described as

Modern international trade is based on the principle of

Which of the following terms of trade is recorded in a country’s current account section of the balance of payments?

One problem facing the economic integration of countries in West Africa is the

One objective of the organisation of petroleum exporting countries (OPEC) is to

Which of the following resources is renewable?

The negative effects of mining in West Africa do not include: