2022 Economics WAEC (WASSCE) Objective Past Questions (Paper 1)

Scale of preference shows

There is unemployment of resources when production is

A major characteristic of natural resources is that they

A major disadvantage of a capitalist economy is that it

The mining sector of an economy contributes 60% to the Gross Domestic Product (GDP). If the GDP is $540, what is the contribution of the mining sector?

The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

The demand curve for goods of ostentation is usually

Which of the following factors is not a cause of change in demand?

If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

The supply curve of a locally-produced good may shift to the right if

In perfectly elastic supply, the supply curve

An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are

The production of rice and yam on the same farmland is an example of

A consumer of a single commodity is in equilibrium when

If the government imposes a minimum price on a commodity

A minimum price legislation is also called

Which of the following factors is not a cause of diminishing returns?

In manufacturing, division of labour may be hindered by

The production cost that varies inversely with output is the

A firm that closes down will still incur

The sufficient condition for a firm to be in equilibrium is that the

Co-operative societies are formed mainly to

A disadvantage of a joint-stock company is

The middleman is responsible for

A major function of the retailer is to

A positive effect of a rapid population increase is

Which of the following factors may not affect the efficiency of labour?

The type of unemployment found among workers who leave their jobs in search of other jobs is termed

The main objective of marketing board is to

The use of mass advertising media will enable a firm to enjoy

Which of the following industries will add more value to primary products?

Gross National Product (GNP) less the provision for the wear and tear of assets is the

An example of transfer payments in national income accounting is

Increasing National Income without effective control of population size in a country can lead to

An example of commodity money is

If inflation is anticipated, people may

If the central bank increases its bank rate

Commercial banks are different from development banks in that the latter

The use of bank rate, cash ratio and open market operations constitute

Fiscal policy measures imply a change in

If demand is perfectly inelastic, a tax imposed

Development planning focuses mainly on

Political instability hinders economic growth because it

Foreign investment and long-term securities in the balance of payments account are recorded as

An argument for the use of commercial policy rest on the need to

Which of the following measures can lead to an increase in exports?

Given that a country’s index of export price is 180 and that of import is 200, the terms of trade is

A benefit that is present in all forms of economic integration is that

The main function of the African Development Bank (AFDB) is to

If petrol is no longer needed to produce energy, then demand for crude oil