WAEC 2024 Economics | Objective

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Question 1 View Details
There is scarcity when A. the means exceed society's wants. B. demand for resources is greater than its supply. C. supply of resources is greater than its demand. D. private ownership of productive inputs.
Correct A. the means exceed society's wants.
B. demand for resources is greater than its supply.
C. supply of resources is greater than its demand.
D. private ownership of productive inputs.

Correct Answer: A

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Question 2 View Details
Points within a Production Possibilities Curve (PPC) indicate A. optimum production levels. B. attainable but inefficient production levels. C. unattainable production levels. D. attainable and efficient production levels.
A. optimum production levels.
Correct B. attainable but inefficient production levels.
C. unattainable production levels.
D. attainable and efficient production levels.

Correct Answer: B

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Question 3 View Details
Which of the following is not a feature of labour? A. It is an active factor B. It is highly mobile C. Its reward is wages or salaries D. Its efficiency depends on its size
A. It is an active factor
B. It is highly mobile
C. Its reward is wages or salaries
Correct D. Its efficiency depends on its size

Correct Answer: D

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Question 4 View Details
The pursuit of private profits is a feature of A. command economies. B. Socialist economies. C. capitalist economies. D. statutory corporations.
A. command economies.
B. Socialist economies.
Correct C. capitalist economies.
D. statutory corporations.

Correct Answer: C

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Question 5 View Details
A major feature of the socialist economic system is A. setting of production targets by public authorities. B. freedom of choice for consumers. C. determination of price by market forces. D. private ownership of productive inputs.
Correct A. setting of production targets by public authorities.
B. freedom of choice for consumers.
C. determination of price by market forces.
D. private ownership of productive inputs.

Correct Answer: A

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Question 6 View Details
If the budget on education is $550 out of an annual national budget of $3000, the sector of a pie chart representing education is A. 16.6% B. 60% C. 150% D. 300%
Correct A. 16.6%
B. 60%
C. 150%
D. 300%

Correct Answer: A

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Question 7 View Details
Price elasticity of demand is the A. responsiveness of quantity demanded to a change in A. demand for the product. B. price of another product. C. income of the buyer. D. price of the product.
Correct A. responsiveness of quantity demanded to a change in A. demand for the product.
B. price of another product.
C. income of the buyer.
D. price of the product.

Correct Answer: A

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Question 8 View Details
When total revenue increases as price falls, the coefficient of price elasticity of demand is A. greater than one. B. less than one. C. less than one. D. zero.
Correct A. greater than one.
B. less than one.
C. less than one.
D. zero.

Correct Answer: A

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Question 9 View Details
If the quantity demanded of rice decreased from 150 bags to 100 bags, the percentage change in quantity demanded is A. 30.0%. B. 33.3%. C. 50.0%. D. 66.7%.
A. 30.0%.
Correct B. 33.3%.
C. 50.0%.
D. 66.7%.

Correct Answer: B

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Question 10 View Details
The law of demand will not hold when A. normal goods are involved. B. size of the population changes. C. rare commodities are involved. D. private ownership of productive inputs.
A. normal goods are involved.
B. size of the population changes.
Correct C. rare commodities are involved.
D. private ownership of productive inputs.

Correct Answer: C

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Question 11 View Details
DIAGRAM
[See diagram]
The movement from points x to z might have been caused by A. a change in taste in favour of milk. B. a decrease in price of milk. C. an increase in income of consumers. D. a favourable weather condition.
Correct A. a change in taste in favour of milk.
B. a decrease in price of milk.
C. an increase in income of consumers.
D. a favourable weather condition.

Correct Answer: A

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Question 12 View Details
If demand for postal services decline as a result of increased use of e-mails, then the two services are in A. composite demand. B. derived demand. C. competitive demand. D. complementary demand.
A. composite demand.
B. derived demand.
Correct C. competitive demand.
D. complementary demand.

Correct Answer: C

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Question 13 View Details
Other things being equal, an increase in the demand for land in the short-run will result in an increase in the
Correct A. price
B. price and supply
C. quantity supplied only
D. supply

Correct Answer: A

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Question 14 View Details
The negative slope of the demand curve is best explained by a
A. decrease in consumers' income
B. decrease in the price of a commodity
Correct C. diminishing marginal utility
D. increase in the price of a commodity

Correct Answer: C

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Question 15 View Details
The law of diminishing marginal utility states that
Correct A. as more of a good is consumed, the additional satisfaction decreases
B. the total utility increases indefinitely
C. utility is constant
D. marginal utility increases

Correct Answer: A

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Question 16 View Details
Minimum price legislation is used to protect
Correct A. producers
B. consumers
C. government
D. importers

Correct Answer: A

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Question 17 View Details
At what price is supply equal to demand?
A. 10
Correct B. 20
C. 30
D. 40

Correct Answer: B

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Question 18 View Details
Which of the following best explains the relationship between price and quantity supplied?
A. As price increases, quantity supplied increases
B. As price decreases, quantity supplied decreases
Correct C. Both A and B
D. None of the above

Correct Answer: C

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Question 19 View Details
In a firm, an increase in output by increasing the size of its capital will lead to a
A. decrease in marginal revenue
Correct B. increase in marginal revenue
C. constant marginal revenue
D. fluctuating marginal revenue

Correct Answer: B

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Question 20 View Details
The fixed cost of producing 100 units of the good is $400. If the variable cost of the good is $4, what is the total cost?
A. $400
B. $800
Correct C. $1,000
D. $1,200

Correct Answer: C

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Question 21 View Details
Firms in perfect competition break even in the long-run because
Correct A. new firms can enter the market and compete
B. existing firms make supernormal profits
C. the industry has barriers to entry
D. firms cannot influence market prices

Correct Answer: A

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Question 22 View Details
The government policy that encourages public corporations to operate profitably is
A. privatization
B. liberalization
C. nationalization
Correct D. commercialization

Correct Answer: D

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Question 23 View Details
Separation of ownership from control is more pronounced in a
A. partnership
Correct B. joint-stock company
C. sole-proprietorship
D. consumer co-operative

Correct Answer: B

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Question 24 View Details
Warehousing of goods in the process
Correct A. increases costs
B. decreases costs
C. has no effect on costs
D. is not necessary

Correct Answer: A

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Question 25 View Details
The value of Net National Product is
A. $100 m.
B. $275 m.
Correct C. $300 m.
D. $500 m.

Correct Answer: C

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