WAEC SSCE - Economics - 2020 (Objective)

If an increase in the price of crude oil led to an increase in the prices of kerosene and grease, then kerosene and grease are in

Import substitution as a strategy of industrialization is the 

Goods that are abundant in supply usually have low

Dumping is selling goods in a foreign market at a price 

When the production possibility curve shifts outwards, the economy experiences

Governments in West Africa can curtail inflation by 

In a free market economy, resources are allocated through the 

A large firm may experience diseconomies of scale if there is 

Which of the following is central to the definition of Economics?

Use the figure below to answer the question that follows

The curves D\(_{0}\)D\(_{0}\) and S\(_{0}\)S\(_{0}\) are the initial demand and supply curves respectively. What happens when government provides subsidies to producers?

Free trade is one in which  

Labor productivity is defined as 

Money would cease to be a good store of value when 

The exploitation of mineral resources constitutes which form of production?

If a beef market is in equilibrium at $4.00 per kg, an increase in price to $6.00 per kg may cause

During inflation, the appropriate fiscal measure to adopt is to

Which of the following factors may lead to the underestimation of national income figures?

The figure below shows the change in demand for Commodity X which is a normal good. Use it to answer the question that follows.

Which of the following caused the change in demand from D\(_{1}\) D\(_{1}\) to D\(_{2}\)D\(_{2}\)

If an increase in the supply of beef increased the supply of hides, then beef and hides are in
 

Increasing returns to scale suggests that 

Land as a factor of production is made useful through the 

 Organization and entrepreneurship are vested in diferrent persons in a

Inflation may occur if 

Mr. X and Mrs. Y pay $500.00 and $1,400.00 as taxes on their earning of S5,000.00 and $7,000.00 respectively. The system of taxation employed is

Use the figure below to answer question that follows

What does the diagram above depict

The foremost objective of the International Bank of Reconstruction and Development (IBRD) is to

The public sector in a mixed economy is not always because of

The principle of comparative advantage encourages a country to 

In order to discourage the importation of manufactured goods, a country should adopt

Goods are described as inferior if their demand

In the figure above, YZ represents 

The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows

What is the firm's marginal revenue?

A country is allowed to import just 50,000 tonnes of rice annually. This describes 

The central bank Can reduce the ability of commercial banks to give out loans by 

In the long run, as individuals receive higher wages, it causes

One feature of the average fixed cost is that it
 

An increase in supply means that

If the average fixed cost (AFC) of producing 5 bags of rice is $20.00, the average fixed cost of producing 10 bags will be 

A consumer is in equilibrium when 

Which of the following problem has the least effect on agricultural productivity in West Africa?

The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows

What is the unit price of the firm's output

How is NNP at factor cost derived from GNP at market prices? 

Which function of the wholesaler enables him to stabilize prices? 

A country should embark on development planning to ensure that

The location of iron and steel industry at a place is due to 

Which of the following are intermediate products?

Expenditure on food takes a large proportion of the incomes of people in

A seller increased the quantity he offered for sale from 200 units to 250 units when the price of his product increased by 12.5%. What is the price elasticity of the supply of his product?

Tools of monetary policy do not include