2023 Economics WAEC (WASSCE) Objective Past Questions (Paper 1)

The study of economics is mainly concerned with how to

Warehousing is an economic activity that falls under

Which of the following items is not classified as working capital?

An economic system is mainly concerned with

The marks obtained by 9 students in a class test are recorded below:

9, 8, 7, 5, 7, 6, 8, 9 and 7.

What is the median mark?

The demand for a factor input as a result of the demand for its output is known as

If the demand for a commodity remains constant as price increase, the commodity is said to be

When more of the tax on a product is borne by the buyer than the seller, the commodity involved has

A fall in the price of a normal commodity which has elastic demand will result in

The supply of light could be met using a candle, lantern and gas lamp. This is an
example of a

Petrol and kerosene are jointly obtained from crude oil. If the supply of petrol increases, the

If the government stops subsidy on cocoa production, the supply curve of cocoa will

When the marginal utility from the consumption of commodity X (Mu_x) is
greater than the price of commodity X (P_x), a rational consumer should

When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will

The fixing of maximum prices by government is mainly on

At what point on the total product curve shown below will marginal product be negative?

A small scale firm located within an industrial estate will enjoy

The total fixed cost curve is

If a firm retrenches some of its factory workers, its

A monopolist may enjoy abnormal profit only if its

The average revenue curve of a firm in a perfect market is the same as the

Resources are pooled for the mutual benefit of its members mainly in a

A joint stock company enjoys perpetual existence because

Consumers have access to a variety of goods through the activities of the

The rate of growth of population is

The Malthusian theory of population is best illustrated when

The dependency ratio of a country is the

When job vacancies are publicized, the government is mainly trying to solve the problem of

Many workers are employed in the agricultural sector of developing countries because

Industries are sometimes located in areas which are not profitable so as to

One factor that may not promote industrial development is

National income is calculated mainly to

To overcome the problem of double counting under the expenditure approach.

The Net National Product (NNP) of a country is $50 m while the depreciation allowance is $10m. The Gross national product (GNP) is

The price level and the value of money are

Money is able to function more as a medium of exchange when

An indication that there is inflation in a country is that

The most liquid asset among the following is

Commercial banks help in economic development mainly by

Taxes levied on goods and services by governments are called

The curve labelled W shows the

An example of government’s recurrent expenditure is

A country is described as developing if

Tariff’s, quotas and embargoes are examples of

Trade protection will assist economic growth in developing countries if it can

A government may cause a favourable change in her invisible trade account by

Country M enjoys absolute advantage over country N in the production of commodities X and Y, if country M

Which of the following is not a problem facing the Economic Community of West African States (ECOWAS)?

Assisting members to solve temporary balance of payments problems is the reason for the establishment of the

Which of the following is a non-renewable natural resource?