1999 - WAEC Economics Past Questions and Answers - page 1
1
The money payment made to owners of land and labour are
A
rent and wages
B
interst and profits
C
wages and interest
D
didvidends and salary
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2
The price elasticity of coefficient indicates
A
how far business can reduce cost
B
the degree of competition
C
the extent to which curve shifts
D
consumer responsiveness to price changes
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3
every society strive to pursue all the following economic objectives except
A
increase production
B
price stability
C
an inequitable distribution of income
D
sustainable growth and income
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4
which of the following best describes capital as a factor of production?
A
a natural resources found everywhere
B
a stock of physical assets used for production
C
the organization of human and material resources for production
D
resources used in training labour
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5
The system whereby goods are exchanged for goods is known as
A
stock exchange
B
barter system
C
banking
D
co-operative system
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6
The graph of the function X = a + bY is
A
linear
B
quadratic
C
cubical
D
exponential
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7
Productivity , per worker, is best measured by
A
total output less number of workers
B
total output multiplied by number of workers
C
number of workers less total output
D
total output didvided by number of workers
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8
In determining cost economics considers
A
implicit cost only
B
explicit cost only
C
implicit and explicit costs
D
explicit cost less implicit
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9
The precautionary motive for holding money is to enable the holder to
A
buy stocks when interest are high
B
overcome unforseesn contigencies
C
buy goods and services on daily basis
D
buy fixed assets
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10
In long run, all factors inputs are
A
variable
B
diminishing
C
constant
D
fixed
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