2011 - WAEC Economics Past Questions and Answers - page 1
2
The difference between the money cost and the real cost of any item is that
A
real cost is the laternative forgone while the money cost is the actual amount paid for buying the item
B
the real cost is the opportunity cost, while the money cost is the marginal cost
C
money cost is the opportunity, cost while the real cost is the actual cost in monetary terms
D
money cost is always greater than the real cost
correct option: a
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The production possibility curve (PPC) indicates that as more of one good is produced.
A
less of the other goods is produced
B
the same quantity of the other good is produced
C
more of the other good is produced
D
none of the other good is produced
correct option: a
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An arrangement of data in rows and columns is referred to as
A
graph
B
bar chart
C
pie chart
D
table
correct option: d
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A normal demand curve slopes
A
downward from left to right
B
upwards from right to left
C
downwards from right to left
D
upwards from left to right
correct option: a
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The co-efficient of income elasticity of demand for inferior goods is
A
positive
B
equal to one
C
less than one
D
negative
correct option: d
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If a 20% rise in price of Whiskey leads to a 30% increase in quantity demanded of Schnapps, the cross elasticity of demand is
A
3.0
B
2.5
C
2.3
D
1.5
correct option: d
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Palm oil and palm kernel have
A
competitive supply
B
excess supply
C
joint supply
D
composite supply
correct option: c
Users' Answers & Comments9
A supply curve which is vertical has an elasticity co-efficient of
A
0.0
B
0.5
C
1.5
D
2
correct option: a
Users' Answers & Comments10
if the current price of an apple is twice that of last year, it implies that the value of money is
A
stable
B
falling
C
rising
D
getting stronger
correct option: b
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