2019 Economics WAEC (WASSCE) Objective Past Questions (Paper 1)

The fundamental economic problem in every society is

A point X inside a production possibility curve indicates that

The major employer of labour in developing countries is

The desire for profit is a major feature of

The wages of a group of workers in dollars are stated below:

40, 30, 70, 20, 60, 10, 10, 80, 30, and 10.

What is the mean wage?

If the coefficient of price elasticity of demand of a product is zero, then its demand curve will be

If the demand function is Qd = -0.5p + 20, calculate the quantity demand when price is $15.00

If less of a good is bought as one’s income increases, such good is:

The demand for coffee and tea is

What effect will an increase in the supply of fish have on the meat market?

Which of the following factors is not a condition for change in supply of a commodity?

Supply of agricultural products is likely to be elastic in the

Two commodities X and Y are in joint supply when

The table above illustrates the law of

When the price of a good is above the equilibrium, there will be

What happens when a minimum price is imposed in a market?

When an increase in inputs leads to a more than proportionate increase in output, there is

The short-run in production is the time period when

Calculate the value of Q.

A cost of production that is positively related to output is the

In perfect competition, the average revenue curve is

Which of the following means of funding a business is very reliable and cheap?

Government in most cases influences the location of firms to

Middlemen are made up of

The Malthusian theory of population was proved wrong because

Human development can be improved if

The use of interest rates to control money supply is a

Agricultural productivity may be increased if

A country is described as industrialized if

Which of the following is a major advantage of establishing a tomato processing factory in your country?

The total value of goods and services produced within the borders of a country is

Which of the following items is not considered as a transfer payment?

Which of the following factors will not underestimate the national income?

Which of the following is true of the value of money? It

The motive for holding money to meet unforeseen events is termed

An increase in the prices of factor inputs may result in

Insurance companies are similar to commercial banks in that they

What happens when the central bank increases the bank rate?

Citizens are protected from government’s arbitrariness in taxation by the canon of

In a period of unemployment and falling prices, government should adopt a

In most developing countries a large percentage of the labour force is engaged in

In most underdeveloped countries, development plans do not achieve their objectives due to

Balance of trade involves the exchange of

An improvement in a country’s terms of trade means that the

Devaluation of currency may not correct a balance of payment deficit if the demand for export is

One measure of financing a country’s balance of payments deficit is through

The major Achievement of the Economic Community of West African States (ECOWAS) is that it has

Which of the following institutions is concerned with expanding developing countries’ commodity trade?

Exploitation of forest resources becomes a major problem when

Natural resources that are renewable are found in the