WAEC 2023 Economics | Objective

Prepare for your exams with WAEC questions? Reviewing past/model questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2023 Economics (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1 View Details
The study of economics is mainly concerned with, how to
A. rank individuals' wants given the abundant resources
Correct B. make choice when resources are inadequate
C. satisfy every member of all societies
D. produce all the goods needed by everyone.

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2 View Details
Warehousing is an economic activity that falls under
Correct A. tertiary production.
B. intermediate production.
C. secondary production.
D. primary production.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3 View Details
Which of the following items is not classified as working capital?
Correct A. Equipment
B. Fuel
C. Money to pay wages
D. Semi-finished goods

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4 View Details
An economic system is mainly concerned with
A. handling situations of abundant resources.
B. studying the relationship between ends and means.
C. the establishment of economic laws.
Correct D. the allocation of scarce resources between alternative uses.

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5 View Details
The marks obtained by 9 students in a test are recorded below: 7, 8, 7, 6, 7, 8, 9, 7, 8. What is the median mark?
A. 7
Correct B. 7.5
C. 8
D. 8.5

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6 View Details
The demand for a factor input as a result of the demand for its output is known as
Correct A. complementary demand.
B. competitive demand.
C. derived demand.
D. market demand.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7 View Details
If the demand for a commodity remains constant as price increases, the commodity is said to be
A. price elastic.
B. unit price elastic.
C. price inelastic.
Correct D. perfectly price inelastic.

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8 View Details
When more of the tax on a product is borne by the buyer than the seller, the commodity involved has
Correct A. elastic demand.
B. fairly inelastic demand.
C. perfectly elastic demand.
D. perfectly inelastic demand.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9 View Details
A fall in the price of a normal commodity which has elastic demand will result in
Correct A. a fall in quantity demanded.
B. an increase in revenue.
C. a fall in demand.
D. a decrease in revenue.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10 View Details
The supply of light could be met using
Correct A. candle, lantern and gas lamp.
B. complementary supply.
C. joint supply.
D. composite supply.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11 View Details
Petrol and kerosene are jointly obtained from crude oil. If the supply of petrol increases,
A. supply of kerosene will fall.
B. cost of crude oil production has increased.
C. supply of kerosene will rise.
Correct D. supply of kerosene will remain unchanged.

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12 View Details
If the government stops subsidy on cocoa production, the supply curve of cocoa will
A. shift to the right.
B. become vertical.
Correct C. shift to the left.
D. remain unchanged.

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13 View Details
When the marginal utility from the consumption of commodity X (MUx) is greater than the price of commodity X (Px), a rational consumer should
Correct A. consume more of commodity X.
B. reduce consumption of commodity X.
C. consume the same quantity of commodity X.
D. strive to remain in disequilibrium.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14 View Details
When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will
A. remain constant.
B. decrease.
Correct C. increase.
D. turn negative.

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15 View Details
The fixing of maximum prices by government is mainly on
Correct A. inferior goods.
B. luxury goods.
C. imported capital goods.
D. selected essential goods.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16 View Details
DIAGRAM
At what point on the total product curve shown below will marginal product be negative?
At what point on the total product curve shown below will marginal product be negative? [See diagram]
A. A
B. B
Correct C. C
D. D

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17 View Details
A small scale firm located within an industrial estate will enjoy
Correct A. government protection and funding.
B. technological economies of scale.
C. external economies of scale.
D. financial economies of scale.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18 View Details
The total fixed cost curve is
Correct A. vertical.
B. horizontal.
C. downward sloping.
D. upward sloping.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19 View Details
If a firm retrenches some of its factory workers its
Correct A. fixed cost is likely to increase.
B. marginal cost may increase.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20 View Details
A monopolist may enjoy abnormal profit only if:
Correct A. marginal cost is less than average revenue.
B. demand curve is perfectly elastic.
C. expenditure on advertisement increases.
D. variable cost will decline.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21 View Details
The average revenue curve of a firm:
Correct A. is the same as the demand curve of the firm.
B. decreases as output increases.
C. is not related to the price elasticity of demand.
D. can be upward sloping.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22 View Details
Resources are pooled for the mutual benefit of its members in:
A. joint stock company.
B. partnership.
C. private company.
Correct D. cooperative society.

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23 View Details
A joint stock company enjoys perpetual existence because:
A. it is formed by a minimum of seven members.
B. it is a cooperative society.
C. it shares its profits.
Correct D. there is a higher degree of specialization.

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24 View Details
The rate of growth of population is influenced by:
Correct A. birth rate and death rate.
B. the migration.
C. the push and pull factors.
D. the number of immigrants.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25 View Details
The number of births of population is best influenced by:
A. the parents' survival.
Correct B. both population and food supply increase.
C. the increase in the demand for food.
D. the size of the population.

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub:
Chat with Support