WAEC SSCE - Economics - 2011 (Objective)

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

When total utility is constant, it means marginal utility is

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

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

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

price fixed above the equilibrium is to

A tax is regressive if the

Deposit held in a commercial bank are part of

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

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

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

Cost push inflation is caused by a

A normal demand curve slopes

Frictional unemployment can be reduced by

which of the following is not true about land?

One profitable form of business undertaken by the commercial banks is

The following are features of subsistence agriculture except

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

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

A rational consumer is one who

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

The production strategy used in an over-populated country is

Human wants are

A consumer purchasing a commodity X will maximize his satisfaction if

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

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

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

National income is used to measure

Natural growth rate of population can be defined as the

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

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

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

Palm oil and palm kernel have

A fall in national output will necessitate

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

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

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

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

The resource used in production are called

A firm's main aim is to

A rise in government expenditure can lead to

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

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