WAEC: ECONOMICS
Quizzes
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2021 Economics WAEC Objective Past Questions
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2021 Economics WAEC Theory Past Questions
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2020 Economics WAEC Objective Past Questions
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2020 Economics WAEC Theory Past Questions
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2019 Economics WAEC Objective Past Questions
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2019 Economics WAEC Theory Past Questions
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2018 Economics WAEC Objective Past Questions
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2018 Economics WAEC Theory Past Questions
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2017 Economics WAEC Objective Past Questions
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2017 Economics WAEC Theory Past Questions
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2016 Economics WAEC Objective Past Questions
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2016 Economics WAEC Theory Past Questions
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2015 Economics WAEC Objective Past Questions
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2015 Economics WAEC Theory Past Questions
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2014 Economics WAEC Objective Past Questions
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2014 Economics WAEC Theory Past Questions
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Question 1 of 50
1. Question
The study of economics is important to every society because it ______.
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Question 2 of 50
2. Question
A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes is the _________.
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Question 3 of 50
3. Question
The distinguishing function of an entrepreneur is ___________.
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Question 4 of 50
4. Question
When a commodity market operates without government interference, commodities are distributed through __________.
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Question 5 of 50
5. Question
One way of obtaining the median of a given data is to _________.
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Question 6 of 50
6. Question
An increase in rice harvest, all things being equal, may cause _______.
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Question 7 of 50
7. Question
The demand for wood and labour is an example of _________.
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Question 8 of 50
8. Question
What will be the reaction of consumers in a market if there is a fall in the price of the substitute of commodity X?
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Question 9 of 50
9. Question
An increase in market supply is caused by the following factors except __________.
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Question 10 of 50
10. Question
The coefficient of price elasticity of supply of land is usually _________.
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Question 11 of 50
11. Question
The price of soap rose from $10 to $20, causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply _________.
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Question 12 of 50
12. Question
A leftward shift in the supply curve for a commodity indicates _______.
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Question 13 of 50
13. Question
Market supply may increase if there is an increase in the _________.
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Question 14 of 50
14. Question
Governments can increase farmers’ incomes by __________.
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Question 15 of 50
15. Question
When market supply increases, the equilibrium price ________.
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Question 16 of 50
16. Question
The supply of mangoes is represented as P = 0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?
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Question 17 of 50
17. Question
The output of an extra unit of an input is referred to as __________.
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Question 18 of 50
18. Question
The law of diminishing returns is applicable to the _________.
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Question 19 of 50
19. Question
A firm incurred the following costs in production.
The fixed cost of production is ___________.
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Question 20 of 50
20. Question
A firm incurred the following costs in production.
Use the information in the table to answer the question below.
The average cost of producing 40 bags of rice is ________.
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Question 21 of 50
21. Question
The relationship between the marginal revenue (MR) and the average revenue (AR) of a monopolist is that the marginal revenue curve _________.
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Question 22 of 50
22. Question
A major source of finance to the Railway Corporation in West African countries is __________.
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Question 23 of 50
23. Question
Separation of ownership of resources and their control is mostly found in a ___________.
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Question 24 of 50
24. Question
By-passing the middlemen in the chain of distribution can lead to _________.
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Question 25 of 50
25. Question
Two factors which can improve the efficiency of labour are _______.
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Question 26 of 50
26. Question
The age distribution of a country’s population is shown below.
Use the information to answer the question below.
Age Group
(Years)Population 0 – 15 30% 16 – 40 45% 41 – 60 15% Over 60 10% What is the percentage of the working population?
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Question 27 of 50
27. Question
The age distribution of a country’s population is shown below.
Use the information to answer the question below.
Age Group
(Years)Population 0 – 15 30% 16 – 40 45% 41 – 60 15% Over 60 10% What is the dependency ratio?
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Question 28 of 50
28. Question
The supply of land for agricultural purposes can be increased through _________.
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Question 29 of 50
29. Question
Non-economic factors that influence the location of firms include _________.
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Question 30 of 50
30. Question
Which of the following is not an argument for the policy of privatization in West Africa?
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Question 31 of 50
31. Question
The following data relates to the national income of a country:
Gross domestic product $2,800 Net factor income from abroad $250 Depreciation $700 Indirect taxes $120 Use it to answer the question below.
What is the country’s Gross National Product (GNP)?
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Question 32 of 50
32. Question
The following data relates to the national income of a country:
Gross domestic product $2,800 Net factor income from abroad $250 Depreciation $700 Indirect taxes $120 Use it to answer the question below
What is the country’s Net National Product (NNP) at factor cost?
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Question 33 of 50
33. Question
The standard of living in two countries can be compared using the ___________.
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Question 34 of 50
34. Question
Government can curb inflation by __________.
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Question 35 of 50
35. Question
Functions of money do not include ________.
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Question 36 of 50
36. Question
Demand-pull inflation can be as a result of __________.
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Question 37 of 50
37. Question
An increase in cash ratio by the central bank will _________.
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Question 38 of 50
38. Question
When a government cuts down her expenditure to reduce inflation, she has embarked on __________.
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Question 39 of 50
39. Question
In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on _________.
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Question 40 of 50
40. Question
People who dispose of their assets are expected to pay _________.
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Question 41 of 50
41. Question
A floating exchange rate means that the exchange rate is fixed by the __________.
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Question 42 of 50
42. Question
A measure that can adopted to correct a country’s balance of payments deficit is to _________.
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Question 43 of 50
43. Question
Records of a country’s invisible trade are recorded in her _________.
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Question 44 of 50
44. Question
If a country’s import bill is high, she can encourage exports by _______.
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Question 45 of 50
45. Question
If a country imposes a barrier on trade, the resultant effect will be _________.
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Question 46 of 50
46. Question
A country may be able to earn more from exports if she ___________.
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Question 47 of 50
47. Question
A customs union is an economic grouping which has ___________.
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Question 48 of 50
48. Question
Balance of payments and trade problems that arose after the world wars were resolved by the ___________.
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Question 49 of 50
49. Question
Examples of land that are non-renewable include _________.
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Question 50 of 50
50. Question
Abundant natural resources do not contribute to economic growth in developing countries because of _________.
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