2009 Economics WAEC Objective Past Questions

The study of economics becomes necessary because of the

The concept of opportunity cost is also referred to as

Choice is necessitated by

A type of unemployment which occurs due to technological progress is called

All the following are features of market economics except

The economics system which relies mainly on the price mechanism for the allocation of scare resources is known as

In a capitalist economy, resources are

An economic system where the central planning authority determines what goods to produce and in what quality is known as a

The main objective of setting up a private business organization is to

The demand and supply functions of a commodity are given as follows:

Qd = 20 – 2p

Qs = 6p – 12

Where P = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is

The type of demand that exists between torchlight and battery is

When the price of a commodity increases and the quantity demanded also increases, this is a case of

If a fall in price of one commodity leads to an increase in the supply of another commodity, both commodities have

At a co-efficient of price elasticity of supply of 0.5, supply is

If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct

If an increase in earnings leads to more of a commodity being demanded, the good is said to have

Interaction of supply and demand for labour determines

Government fixing of prices below the equilibrium point is aimed at protecting the

A consumer maximizes his utility in consuming a good ‘X’ when

The relationship between Marginal Product (MP) and Average Product (AP) is such that they are equal when

Who among the following is the intermediary between the producer and the retailer

Which of the following sectors is most capital intensive

A society that operates below the production possibility curve is using its productive resources

Labour can be efficient when there are

What accounts for the U-shape of the short run average cost (AC) curve

which of these is true of a perfect competitor?

One advantage of a sole proprietorship is that

Which of the following is a condition necessary for a perfect market

A market in which a single price obtains for a product is known as

What is the effect of pursuit of higher education on the size of labour force

The population density of town Y made up of 50square kilometer land area and 100 million people is

Manufacturing involves the process of

Which of the following is specialized in lending money for the purpose of developing real estate

The marketing of government securities by the Central Bank is termed

Which one of the following serves as a bankers bank

The tax imposed on goods manufactured within a country is

Government expenditure on the construction of roads and bridges is

Fiscal policy is associated with

The need for development planning arises largely from the fact that

Economic development is reflected in

The terms of trade may be defined as the

Expenditure by foreign tourists in a country will be recorded as

One major aim of a cartel is to

The headquarters of the African Development Bank (ADB) was originally located at

The five countries that established the Organization of Petroleum Exporting Countries (OPEC) are

The table shows the age distribution of country A in 1993. Using the data in the table, calculate the percentage of the working population in 1983

Depreciation                              =          $40, 000

Gross Domestic Product           =          $100, 000

Factor Payments to Foreigners     =          $20, 000

Factor Receipts from Abroad       =          $25, 000

The Gross National Product is equal to

The terms of trade is described as unfavourable when

Depreciation                                  =          $40, 000

Gross Domestic Product              =          $100, 000

Factor Payments to Foreigners      =          $20, 000

Factor Receipts from Abroad        =          $25, 000

The National income is equal to

Depreciation                               =          $40, 000

Gross Domestic Product            =          $100, 000

Factor Payments to Foreigners     =          $20, 000

Factor Receipts from Abroad       =          $25, 000

The Net Domestic Product is