WAEC: ECONOMICS
Quizzes
-
2021 Economics WAEC Objective Past Questions
-
2021 Economics WAEC Theory Past Questions
-
2020 Economics WAEC Objective Past Questions
-
2020 Economics WAEC Theory Past Questions
-
2019 Economics WAEC Objective Past Questions
-
2019 Economics WAEC Theory Past Questions
-
2018 Economics WAEC Objective Past Questions
-
2018 Economics WAEC Theory Past Questions
-
2017 Economics WAEC Objective Past Questions
-
2017 Economics WAEC Theory Past Questions
-
2016 Economics WAEC Objective Past Questions
-
2016 Economics WAEC Theory Past Questions
-
2015 Economics WAEC Objective Past Questions
-
2015 Economics WAEC Theory Past Questions
-
2014 Economics WAEC Objective Past Questions
-
2014 Economics WAEC Theory Past Questions
Quiz Summary
0 of 8 Questions completed
Questions:
Information
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading…
You must sign in or sign up to start the quiz.
You must first complete the following:
Results
Results
0 of 8 Questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- Current
- Review
- Answered
- Correct
- Incorrect
-
Question 1 of 8
1. Question
Table 1 below shows the distribution of the population of a country in various occupations. Study it and answer the questions that follow.
Table 1
Occupation Total Shoe Production 30 Million Banking 37 Million Fish Processing 19 Million Warehousing 12.2 Million Mining 16.1 Million Fish Farming 10.8 Million Food Crop Production 15.6 Million Baking 19 Million Laundry 10.3 Million (a) Calculate the size of the entire labour force in the country.
(b) What percentage of the labour force is engaged in the:
(i) Primary sector;
(ii) Secondary sector;
(iii) Tertiary sector?
(c) Calculate the ratio of the workers in mining to the workers in shoe production.
(d) Calculate the percentage of the people engaged in warehousing.
(e) (i) Identify the type of economy depicted in the table.
(ii) Give a reason for your answer in e(i).
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 2 of 8
2. Question
Table 2 below shows the unit prices and quantities of hats produced by a firm. Study it and answer the questions that follow.
Table 2
Quantity Unit Price ($) Total Revenue Marginal Revenue Average Revenue 10 180 1,800 – 180 20 150 3,000 120 X 30 U 3,600 60 120 40 100 V W Y 50 80 4,000 0 80 60 60 3,600 -40 60 (a) Compute the values of U, V, W, X and Y.
(b) In what type of market is the firm operating? Explain your answer.
(c) If the firm’s marginal cost is $60.00 at all levels of output, at what level of output will it be in equilibrium? Explain your answer.
(d) If a total cost of $600.00 is incurred when 50 units of hats are produced, determine the margin of profit or loss made.
(e) What is another name for marginal cost?
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 3 of 8
3. Question
(a) What is economies of scale?
(b) Outline three internal economies of scale a firm can enjoy.
(c) State three factors that can influence where a firm is sited.
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 4 of 8
4. Question
(a) Define product retailing.
(b) Outline any three roles performed by the wholesaler to the manufacturer.
(c) Identify any three problems associated with distribution of products.
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 5 of 8
5. Question
(a) Define price elasticity of demand.
(b) Distinguish between elastic demand and inelastic demand.
(c) Using diagrams, explain what happens to a trader’s total revenue when his price falls, given that demand for his product is:
(i) Elastic
(ii) Inelastic
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 6 of 8
6. Question
(a) State three characteristics of perfect competition.
(b) With the aid of diagrams, explain the equilibrium positions of a perfectly competitive firm in the:
(i) Short –run
(ii) Long –run
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 7 of 8
7. Question
(a) Explain how the central bank controls money supply through the use of:
(i) Open market operations;
(ii) Bank rate.
(b) Outline four functions performed by the central Bank of your country.
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 8 of 8
8. Question
(a) Distinguish between domestic trade and external trade.
(b) Distinguish between terms of trade and balance of trade.
(c) Outline four causes of balance deficit in a country.
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
Questions and answers
I want to practice ahead of exams
Yes