WAEC SSCE - Economics - 2011 (Objective)

If a 20% rise in price of Whiskey leads to a 30% increase in quantity demanded of Schnapps, the cross elasticity of demand is

The difference between the money cost and the real cost of any item is that

A supply curve which is vertical has an elasticity co-efficient of

The increase in population growth in big cities is referred to as

A firm will shut down in the long run if its earning is

A rise in government expenditure can lead to

A firm's main aim is to

The co-efficient of income elasticity of demand for inferior goods is

A rational consumer is one who

The grouping of the population according to the economic activities people engage in is

If there are no barriers to entering a market, it means that

which of the following is not true about land?

The resource used in production are called

A consumer purchasing a commodity X will maximize his satisfaction if

In which of the following markets does a firm have power to make super normal profits both in the short run and long run?

if the current price of an apple is twice that of last year, it implies that the value of money is

A tax is regressive if the

Which of the following is not true of small companies ? they

Palm oil and palm kernel have

National income is used to measure

Deposit held in a commercial bank are part of

The production strategy used in an over-populated country is

The effect of privatization on the industrial sector of a country is that it

Natural growth rate of population can be defined as the

One good reason for the elimination of middle men is that they

The type of production that involve the tapping and harnessing of natural resources is

When governments wants to discourage consumption, they tax goods whose demand is

Cost push inflation is caused by a

A normal demand curve slopes

Human wants are

When total utility is constant, it means marginal utility is

The demand for money to take advantage of changes in bond prices is the

If the labour force of a country is 2.5 million and 2 million are employed , what is the unemployment rate?

One profitable form of business undertaken by the commercial banks is

which of the following does not change in the short run?

An arrangement of data in rows and columns is referred to as

When a country's net income from abroad is added to its total output, the result is

The following are features of subsistence agriculture except

Frictional unemployment can be reduced by

The production possibility curve (PPC) indicates that as more of one good is produced.

A fall in national output will necessitate

A market structure where profit is maximized when marginal revenue, marginal cost and price are equal is known as

price fixed above the equilibrium is to