WAEC 2022 Economics | Objective

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Question 1 View Details
Scale of preference shows A. incomes of consumers in order of $12; B. utilities enjoyed by consumers; C. opportunity cost of goods consumed; D. consumers' wants in order of priority.
Correct A. incomes of consumers in order of $12
B. utilities enjoyed by consumers
C. opportunity cost of goods consumed
D. consumers' wants in order of priority

Correct Answer: A

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Question 2 View Details
There is unemployment of resources; A. this is a characteristic of natural resources; B. within the production possibility curve; C. along the production possibility curve; D. adequate to meet market demand.
A. this is a characteristic of natural resources
Correct B. within the production possibility curve
C. along the production possibility curve
D. adequate to meet market demand

Correct Answer: B

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Question 3 View Details
A major characteristic of natural resources is that A. they are unlimited in supply; B. have high cost of production; C. are free gifts of nature; D. are not demanded any price.
Correct A. they are unlimited in supply
B. have high cost of production
C. are free gifts of nature
D. are not demanded any price

Correct Answer: A

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Question 4 View Details
A stronger disadvantage of a rapid economy is that A. leads to production of goods and services; B. requires large number of official cooperates; C. considers individual consumers' satisfaction; D. worsens income inequality among the citizens.
A. leads to production of goods and services
B. requires large number of official cooperates
C. considers individual consumers' satisfaction
Correct D. worsens income inequality among the citizens

Correct Answer: D

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Question 5 View Details
The economic sector of a economy contributes 60% to the Gross Domestic Product (GDP). If the GDP is $5440, what is the contribution of the economic sector? A. $900 B. $180.00 C. $324.90 D. $3500.00.
A. $900
B. $180.00
C. $324.90
Correct D. $3500.00

Correct Answer: D

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Question 6 View Details
The increase in the demand for a commodity may lead to a decrease in the demand for another if both are A. complementary demand; B. in the same quality; C. in composite demand; D. in competitive demand.
Correct A. complementary demand
B. in the same quality
C. in composite demand
D. in competitive demand

Correct Answer: A

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Question 7 View Details
The demand curve for goods of a certain ration is usually A. negatively sloped; B. positively sloped; C. horizontal.
Correct A. negatively sloped
B. positively sloped
C. horizontal

Correct Answer: A

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Question 8 View Details
Which of the following factors is not a cause of change in demand? A. taste and fashion; B. income distribution; C. price of the commodity; D. the size of the population.
A. taste and fashion
B. income distribution
Correct C. price of the commodity
D. the size of the population

Correct Answer: C

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Question 9 View Details
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 A. 0.50; B. 0.65; C. 2.00; D. 2.50.
A. 0.50
B. 0.65
Correct C. 2.00
D. 2.50

Correct Answer: C

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Question 10 View Details
The supply curve of a locally-produced good may shift to the right if A. there is an increase in taxes on inputs; B. government increases subsidies; C. rural-urban migration is encouraged; D. the price of the commodity increases.
A. there is an increase in taxes on inputs
B. government increases subsidies
Correct C. rural-urban migration is encouraged
D. the price of the commodity increases

Correct Answer: C

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Question 11 View Details
In perfectly elastic supply, the supply curve A. is vertical; B. is horizontal; C. slopes upward; D. slopes downward.
A. is vertical
Correct B. is horizontal
C. slopes upward
D. slopes downward

Correct Answer: B

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Question 12 View Details
An increase in the price of commodity X led to a fall in the supply of commodity Y. A. Commodities; B. C. competitive goods; D. derived goods.
A. Commodities
Correct B. competitive goods
C. jointly supplied
D. derived goods

Correct Answer: B

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Question 13 View Details
The production of rice and yam on the same farm-land is an example of A. joint supply; B. composite supply; C. competitive supply; D. market supply.
Correct A. joint supply
B. composite supply
C. competitive supply
D. market supply

Correct Answer: A

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Question 14 View Details
A consumer of a single commodity is in equilibrium when A. he can equate his demand with price; B. he can equate marginal utility and price; C. he can maximize his marginal and total utilities; D. his marginal utility is equal to zero.
A. he can equate his demand with price
Correct B. he can equate marginal utility and price
C. he can maximize his marginal and total utilities
D. his marginal utility is equal to zero

Correct Answer: B

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Question 15 View Details
If the government imposes a minimum price on a commodity, A. the market surplus occurs; B. the market will be cleared in the short-run; C. excess demand occurs; D. government regulation is no longer needed.
Correct A. the market surplus occurs
B. the market will be cleared in the short-run
C. excess demand occurs
D. government regulation is no longer needed

Correct Answer: A

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Question 16 View Details
A minimum price legislation is also called A. price ceiling; B. price floor; C. price control; D. price mechanism.
A. price ceiling
Correct B. price floor
C. price control
D. price mechanism

Correct Answer: B

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Question 17 View Details
Which of the following factors is not a cause of diminishing returns? A. Increase in variable inputs; B. Land fragmentation; C. Constant technology; D. Technological innovations.
A. Increase in variable inputs
B. Land fragmentation
Correct C. Constant technology
D. Technological innovations

Correct Answer: C

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Question 18 View Details
In manufacturing, division of labour may be hindered by A. excessive demand for the product; B. low level of technology; C. excess supply of labour; D. increase in the export of goods.
A. excessive demand for the product
Correct B. low level of technology
C. excess supply of labour
D. increase in the export of goods

Correct Answer: B

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Question 19 View Details
The production cost varies inversely with output; this is A. fixed cost; B. marginal cost; C. average cost; D. total cost.
A. fixed cost
Correct B. marginal cost
C. average cost
D. total cost

Correct Answer: B

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Question 20 View Details
A firm that closes down will incur A. variable cost; B. fixed cost; C. total cost; D. marginal cost.
A. variable cost
Correct B. fixed cost
C. total cost
D. marginal cost

Correct Answer: B

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Question 21 View Details
The sufficient condition for a firm to be in equilibrium is that A. a firm must show that it is profitable; B. marginal cost must be equal to marginal revenue; C. average revenue curve; D. marginal revenue curve from below.
A. a firm must show that it is profitable
Correct B. marginal cost must be equal to marginal revenue
C. average revenue curve
D. marginal revenue curve from below

Correct Answer: B

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Question 22 View Details
Cooperative societies are formed mainly to A. assist producers to maximize their profits; B. encourage thrift and credit among members; C. promote and maintain the welfare of members; D. break the monopolies of private companies.
A. assist producers to maximize their profits
Correct B. encourage thrift and credit among members
C. promote and maintain the welfare of members
D. break the monopolies of private companies

Correct Answer: B

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Question 23 View Details
A disadvantage of a joint-stock company is A. unlimited liability; B. limit of liability; C. lack of continuity when a shareholder dies; D. limited control in management by shareholders.
Correct A. unlimited liability
B. limit of liability
C. lack of continuity when a shareholder dies
D. limited control in management by shareholders

Correct Answer: A

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Question 24 View Details
The manager is responsible for A. providing research facilities; B. purchasing raw materials; C. designing the product; D. breaking the bulk.
A. providing research facilities
Correct B. purchasing raw materials
C. designing the product
D. breaking the bulk

Correct Answer: B

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Question 25 View Details
A major function of the retailer is to A. grant credit to the wholesaler; B. break bulk and sell products in small units; C. reduce cost of distribution; D. generate demand for products through advertisement.
A. grant credit to the wholesaler
Correct B. break bulk and sell products in small units
C. reduce cost of distribution
D. generate demand for products through advertisement

Correct Answer: B

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