2018 Economics WAEC (WASSCE) Objective Past Questions (Paper 1)

Economics problems arise in all societies because

Which of the following is not emphasized in a production possibility curve?

The organisation of productive factors is the responsibility of the

Producers operating in a free market economy are more efficient as a result of

In a pie chart, the population of a city is represented by a sector 45°. If the country has a population of 10 million people, then the city’s population is

A downward sloping demand curve means that

If the price of commodity X rises and consumers shift to commodity Y, then commodity X and Y are?

Goods whose demand vary directly with money income are called?

An exceptional demand curve can result from

Palm oil and palm kernel are in

Which of the following is true about supply of land? It

The backward bending supply curve of labour indicates

A supply curve parallel to the x-axis indicates

If the marginal utility of a commodity is equal to its price then

A price floor is usually fixed

A market is in equilibrium when

A firm average cost decreases in the long-run because of

The larger a firm, the lower its cost of production. This statement explains that the

Use the table to answer the following question

The total fixed cost is

Use the table to answer the following question

At output level 5, the total variable cost is

In the long run, a firm must shut down if its average revenue is

Public limited liability companies are democratic in nature because

In the event of bankruptcy owners of joint-stock companies lose

Wholesalers play an important role in the distribution of goods and services because they

If workers at the school canteen sell during the holidays, this is an example of

Positive checks as envisaged by Thomas Malthus can be prevented if

Which of the following factors is not a reason for farmer’s unstable incomes

Local firms can help in reducing unemployment in a country when?

An industry is described as a group of firms

The largest component of national income in developing countries consists of

A baker bought flour and other ingredients for $250.00, spent $52.00 on distribution, sold the bread for $320.00. the value added by the baker is

In a country with large population of full-time housewives, national income

Demand-pull inflation is likely to be caused by

Holding money to take care of contingencies is

If a housewife has meat and tomatoes, she must find someone who wants meat and has tomatoes to give. This concept is described as

The stock exchange is an example of the

What happens when the central bank increases bank rate in an economy?

Income is redistributed when the rich are progressively taxed and

In order to increase revenue, the government should tax commodities for which demand is?

Which of the following activities will not lead to economic growth?

The poorer the country, the larger the percentage of the labour force engaged in

Which of the following measure can be adopted to stabilize the external value of the local currency?

Which of the following is not a measure for reducing the balance of payments deficits?

Nations engage in international trade because of difference in

One advantage of international trade is that

Which of the following forms of economic integration is a member nation free to impose duty against non-members?

The International Bank for reconstruction and development (IBRD) performs the following functions except

An electrical engineer who is teaching physics in a secondary school is said to be

One benefit a country can derive from the extraction of crude oil is increase in

Which of the following cannot be classified as a natural resource?