Waec 2005 Economics Past Questions And Answers

Note: You Can Select Post UTME Schools Name Below The Exam Year.
1

If the government fixed a price of a commodity above equilibrium price, the quantity supplied will be

  • A. less than quantity demanded
  • B. equal to the qauntity demanded
  • C. greater than quantity demanded
  • D. equal to zero
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2

The direct exchange of one goods for another without the use of money is known as

  • A. foreign exchange
  • B. exchange rate
  • C. expenditure rate
  • D. barter
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3

one of the factors determining price elasticity of demand for a commodity is the

  • A. availability of close substitutes
  • B. number of producers
  • C. government policy
  • D. price of other commodities
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4

In which of the following business units are the owners mostly customers?

  • A. co-operatives
  • B. limited liability companies
  • C. partnerships
  • D. public corporations
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5

(a) Distinguish between a public company and a public corporation

(b) What are the problems of public corporations in your country?

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6

If elasticity of demand for a commodity is less than one, demand is

  • A. unitary elastic
  • B. inelastic
  • C. infinitely elastic
  • D. zero elastic
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7

The Table below relates to the supply of labour in response to the given wage rates Use the information in the table to answer the questions that follow .

Wage rate ($ per hour)

Hours worked (per day)

Income per day (S)

10 - 10
20 - 60
30 - 150
40 6 -
50 4 -
60 3 -

(a) Determine the number of hours of work per day if the wage rate is (i) $10 per day (ii) $20 per day (16) $30 per day

(b) Calculate the income per day when the wage rate is (i) $40 (ii) $50 (iii) 60

(c) (i) Which wage rate per hour attracts the highest earnings?

(ii) Name the type of supply curve that can be associated with the data in the table.

(iii) Explain the nature of the supply curve named in (c)(ii)

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8

One-man business are popular in West Africa because of all the following except the

  • A. ease of entry
  • B. small capital required
  • C. limited enterpreneur skills needed
  • D. tendency to become joint-stock compsnies
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9

The Economic Community of the West African States (ECOWAS) is an example of

  • A. billateral trade
  • B. economic integration
  • C. regional marketing board
  • D. international competition
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10

To achieve an equilibrium position, the consumer must buy so much of each commodity whose price is equal to its

  • A. marginal utility
  • B. total utility
  • C. average utility
  • D. variable utility
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