WAEC SSCE - Economics - 1999 (Objective)

Question 1 Report

The creation of utility can be referred to as

value added

profit maximization

entreprenuership

production

Answer Details

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Theory Of Production

The Theory Of Demand

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Question 2 Report

Government revenue will increase if tax is imposed on a good whose demand is

elastic

inelastic

unitary elastic

perfectly elastic

Answer Details

If a tax is imposed on a good whose demand is inelastic, it means that consumers will continue to purchase the good despite the increase in price due to the tax. This is because the good is a necessity or there are no close substitutes available. As a result, the government revenue will increase because the tax is collected on every unit of the good sold. In contrast, if a tax is imposed on a good whose demand is elastic, consumers will reduce their consumption of the good due to the increase in price, resulting in a decrease in government revenue.

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The Theory Of Demand

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Question 3 Report

The reward for capital is

interest

rent

risk premium

premium

Answer Details

The reward for capital is interest. Interest is the compensation that is paid by a borrower to a lender for the use of their money. Capital refers to the funds or assets that are available for investment, and the return on that capital is in the form of interest. Interest rates are determined by a variety of factors, including the supply and demand for credit, inflation, and monetary policy. In other words, when someone invests their capital, they expect to earn interest on that investment as a reward for putting their money at risk. This interest serves as an incentive for people to invest their money, which in turn fuels economic growth and development.

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The Theory Of Production

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Question 4 Report

The most common form of business enterprise in West Africa is the

Sole proprietorship

Co-operative

Partnership

joint stock company

Answer Details

The most common form of business enterprise in West Africa is the sole proprietorship. A sole proprietorship is a type of business in which one person owns and operates the business. This means that the owner has complete control over the business and is responsible for all its operations and finances. In West Africa, sole proprietorships are the most common type of business enterprise because they are easy to start, require less capital and legal formalities, and offer complete autonomy to the owner. Many small-scale businesses, such as retail shops, hair salons, and restaurants, are run as sole proprietorships in West Africa.

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Business Organizations

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Question 5 Report

Mortgage banks give loan to investors on long term basis to

finance agriculture

establish banks

acquire machinery

build houses

Answer Details

Mortgage banks give loans to investors on a long term basis to build houses. This is because mortgage loans are specifically designed for financing the purchase or construction of real estate properties, such as houses or commercial buildings. The funds provided by mortgage banks are usually paid back by the borrower over a period of several years, typically through monthly payments that include both the principal and interest on the loan. By providing financing for housing, mortgage banks enable people to own homes without having to pay the full cost upfront, which can be a significant burden for most people.

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Agriculture

Banking

Business Organizations

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Question 6 Report

every society strive to pursue all the following economic objectives except

increase production

price stability

an inequitable distribution of income

sustainable growth and income

Answer Details

Every society aims to pursue economic objectives that improve the well-being of its citizens. These objectives include increasing production, achieving price stability, promoting equitable distribution of income, and ensuring sustainable economic growth and income. However, an inequitable distribution of income is not an economic objective that societies strive to pursue, as it would lead to social unrest and economic instability.

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Economics As A Science

Economic Systems

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Question 7 Report

when all factor inputs are doubled , the production possibly curve will

shift from left to right and return to its orignal position

shift from left to right

remain in its former position

shift from right to left

Answer Details

The production possibility curve (PPC) shows the maximum possible combinations of two goods that an economy can produce with its existing resources and technology. When all factor inputs are doubled, it means that there is an increase in the amount of resources available for production. This will result in an outward shift of the PPC from its original position. Therefore, the possible outcome is that the PPC will shift from left to right, indicating an increase in the production capacity of the economy. The new PPC will show that the economy can produce more of both goods than it could before. It's worth noting that this scenario assumes that there is no change in technology or other factors that could affect production.

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The Theory Of Production

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Question 8 Report

A form of tax in which the poor pay a higher rate than the rich is known as

regressive tax

backward tax

oppressive tax

retrogressive tax

Answer Details

A regressive tax is a tax system where the tax rate decreases as the taxable amount increases. In other words, the poorer you are, the higher percentage of your income you pay as tax. This type of tax is considered regressive because it places a heavier burden on low-income earners compared to high-income earners. The term "regressive" refers to the fact that the tax rate decreases or regresses as income increases. Therefore, the correct answer is a regressive tax.

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 9 Report

The graph of the function X = a + bY is

linear

quadratic

cubical

exponential

Answer Details

The graph of the function X = a + bY is linear. The equation is in the form of a straight line where X is the dependent variable and Y is the independent variable. The slope of the line is equal to the value of b, and the intercept of the line is equal to the value of a. As the value of Y increases or decreases, the value of X also changes proportionally according to the value of b. Therefore, the graph of the function is a straight line with a constant slope. Hence, the correct answer is "linear".

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The Theory Of Demand

Economic Systems

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Question 10 Report

which of the following is not n item of capital expenditure?

Construction of highways

Building of dams

payment of salaries and wages

building of a new universities

Answer Details

The answer is "payment of salaries and wages". Capital expenditure refers to the spending of funds for acquiring, maintaining or upgrading fixed assets, such as buildings, equipment, or land, that are expected to benefit the company for more than one fiscal year. Salaries and wages are expenses incurred in the normal course of business operations and are classified as operating expenses, not capital expenditures.

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The Theory Of Production

Economics As A Science

Economic Systems

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Question 11 Report

balance of trade is define as the relationship between

invisible imports and exports

visible and invisible exports

imports and exports of services

visible exports and visible imports

Answer Details

Balance of trade refers to the relationship between visible exports and visible imports of a country over a given period. Visible exports are physical goods that are produced in one country and sold to another country, while visible imports are physical goods that are produced in another country and bought by the domestic country. The balance of trade can be positive, indicating that a country is exporting more than it is importing, or negative, indicating that a country is importing more than it is exporting. It is an important measure of a country's economic health and can impact its currency value and overall economic stability.

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International Trade

International Trade And Balance Of Payments

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Question 12 Report

Gross National Product (GNP) less depreciation is known as

Gross Domestic Products

Gross National Income

Fixed National Income

Net National Income

Answer Details

The correct answer is Net National Income (NNI). It is a measure of a country's income that takes into account the depreciation of capital. GNP is the total value of all goods and services produced by a country's residents, regardless of their location, in a given period of time, usually a year. Depreciation is the decrease in the value of capital goods over time, so NNI is calculated by subtracting depreciation from GNP. NNI represents the actual income earned by a country's residents and is a better indicator of a country's economic well-being than GNP or GDP.

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National Income

Economics As A Science

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Question 13 Report

When a pen and a book is demanded together, the demand is said to be

composite

competitive

joint

derived

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

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Theory Of Price Determination

The Theory Of Demand

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Question 14 Report

Productivity , per worker, is best measured by

total output less number of workers

total output multiplied by number of workers

number of workers less total output

total output didvided by number of workers

Answer Details

Productivity per worker is best measured by dividing the total output of a company or an economy by the number of workers. This gives an average measure of the amount of output produced by each worker. By dividing total output by the number of workers, it provides an indication of how efficient workers are in producing goods or services. Therefore, the correct answer is "total output divided by the number of workers."

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The Theory Of Production

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Question 15 Report

Infant industries are industries that

deals in the production of infant books

are in their earlier stage of production

produce dresses for infants

are well established

Answer Details

Infant industries are industries that are in their early stage of production and need protection from foreign competition. They are usually new and still developing, with high start-up costs and limited resources. The protection can be in the form of tariffs, subsidies, or other trade barriers, aimed at allowing the infant industries to develop and become competitive before they face full international competition. The idea is that once these industries are established and competitive, they will be able to stand on their own and contribute to the economic growth of the country. The concept of infant industries is often used in developing countries that are trying to promote domestic industries and reduce their reliance on imports.

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The Theory Of Production

Market Structure

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Question 16 Report

In determining cost economics considers

implicit cost only

explicit cost only

implicit and explicit costs

explicit cost less implicit

Answer Details

In determining cost, economics considers both implicit and explicit costs. Explicit costs refer to the actual monetary payments made for goods, services or resources purchased in the market. Implicit costs, on the other hand, are the opportunity costs of using resources owned by the firm or individual, such as the foregone earnings from using owner’s capital or the value of owner’s time spent working for the business. Thus, economics takes into account both explicit and implicit costs when determining the true cost of producing a good or service.

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Theory Of Costs

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Question 17 Report

Commodity market can best be described as a market in which

goods are sold

labour is sold and bought

short-term loans are obtained

quoted stocks are bought

Answer Details

A commodity market can best be described as a market in which goods are sold. In a commodity market, various raw materials and primary products are traded. These can include agricultural products like wheat and corn, precious metals like gold and silver, and energy products like oil and gas. Commodity markets provide a platform for buyers and sellers to trade in these goods, with prices determined by supply and demand. Commodity markets are important because they enable producers to sell their products at a fair market price, and provide buyers with a reliable source of the goods they need. They also help to ensure that resources are allocated efficiently, as goods are directed towards those who value them the most. Overall, commodity markets play a key role in the global economy, providing a platform for the trade of goods that are essential for daily life and economic growth.

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The Theory Of Supply

Economics As A Science

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Question 18 Report

In a socialist economy, factors of production are owned and controlled by the

citizens

businessmen

government

foreigners

Answer Details

In a socialist economy, the factors of production are owned and controlled by the government. The government plays a central role in planning and regulating the economy, and the goal is to distribute resources and wealth equally among all members of society. This is in contrast to a capitalist economy where the factors of production are owned by private individuals or businesses and are operated for profit. In a socialist economy, the government makes decisions about production and distribution, with the aim of meeting the needs of the entire society rather than just maximizing profits for a select few.

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Factors Of Production And Their Theories

Economic Systems

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Question 19 Report

The money payment made to owners of land and labour are

rent and wages

interst and profits

wages and interest

didvidends and salary

tax

Answer Details

The money payment made to owners of land and labour are rent and wages. Rent is the payment made to the owner of land for the use of the land. Wages, on the other hand, is the payment made to labour for the use of their services in the production process. These two factors of production are compensated with these payments as they contribute to the production process of goods and services.

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Factors Of Production And Their Theories

Factors Of Production

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Question 20 Report

In a perfect market price and quantity to be bought are determined by the

consumers and retailers

producers and wholesalers

forces of demand and supply

interest of government and producers

Answer Details

In a perfect market, the price and quantity of a good or service are determined by the forces of demand and supply. This means that the price of the good or service will adjust until the quantity supplied by producers is equal to the quantity demanded by consumers. The higher the price, the less quantity demanded by consumers, and the more quantity supplied by producers. Conversely, the lower the price, the more quantity demanded by consumers, and the less quantity supplied by producers. The equilibrium price and quantity occur where the quantity demanded equals the quantity supplied. This system is often referred to as the "invisible hand" of the market, where prices and quantities are determined by the interactions of buyers and sellers without any external intervention.

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The Theory Of Price Determination

Demand

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Question 21 Report

Occupational distribution of population is mainly influenced by

economic factors

religious factors

geographical factors

social factors

Answer Details

The occupational distribution of population refers to the way in which the working population is distributed across different occupations. This distribution is mainly influenced by economic factors. For example, the availability of job opportunities, wages, and benefits offered by various industries play a significant role in determining the occupational distribution of a population. In regions where there is a shortage of job opportunities, people may be forced to take up jobs in industries that are not in line with their interests or abilities. Similarly, areas with higher wages and better working conditions tend to attract workers, leading to an increase in the workforce in those industries. While other factors such as social, religious, and geographical factors may play a role, economic factors are the most significant influence on the occupational distribution of a population.

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Population

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Question 22 Report

The precautionary motive for holding money is to enable the holder to

buy stocks when interest are high

overcome unforseesn contigencies

buy goods and services on daily basis

buy fixed assets

Answer Details

The precautionary motive for holding money refers to the reason why individuals or businesses hold money as a reserve for unforeseen contingencies. This means that people hold money as a precautionary measure to have a financial buffer or safety net in case of unexpected expenses, emergencies, or economic uncertainties. It is essentially a way of protecting oneself from financial risk by having access to liquid assets that can be easily converted into cash when needed.

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Public Finance

Money And Inflation

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Question 23 Report

The reduction in the value of a country's currency of other nations is known as

deflation

devaluation

inflation

revaluation

Answer Details

Devaluation is the reduction in the value of a country's currency compared to the currencies of other nations. This means that one unit of the devalued currency can now purchase fewer units of foreign currency. Devaluation can occur due to various reasons such as a decrease in foreign demand for the country's goods, a decrease in the country's interest rates relative to other countries, or an increase in the supply of the country's currency. The purpose of devaluation is to make the country's exports more competitive in foreign markets by making them relatively cheaper, and to discourage imports by making them relatively more expensive.

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Question 24 Report

Profits can be calculated by

subtracting total cost from total revenue

subtracting average revenue from total cost

dividing total revenue from total output

dividing marginal revenue by marginal cost

Answer Details

Profits can be calculated by subtracting total cost from total revenue. Total revenue refers to the income generated from the sale of goods or services, while total cost includes all expenses incurred in producing those goods or services, such as materials, labor, and overhead costs. Subtracting total cost from total revenue gives the amount of money left over after all costs have been paid, which is the profit. This is the most common and straightforward method of calculating profits for a business.

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Theory Of Costs

The Theory Of Price Determination

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Question 25 Report

The price elasticity of coefficient indicates

how far business can reduce cost

the degree of competition

the extent to which curve shifts

consumer responsiveness to price changes

none of the above

Answer Details

The price elasticity of coefficient indicates the consumer responsiveness to price changes. In other words, it measures the percentage change in quantity demanded of a product due to a percentage change in its price. A higher elasticity value means that consumers are more sensitive to price changes and will decrease their quantity demanded more in response to a price increase, while a lower elasticity value means that consumers are less sensitive to price changes and will only slightly decrease their quantity demanded in response to a price increase.

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The Theory Of Demand

Demand

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Question 26 Report

When price elasticity of supply is equal to 0.4, supply is said to be

inelastic

elastic

unitary elastic

public utilities

Answer Details

When price elasticity of supply is equal to 0.4, supply is said to be inelastic. This means that the quantity supplied of a good or service is not very responsive to changes in price. In other words, when there is a change in price, the change in quantity supplied is relatively small. This situation can occur when it is difficult or costly for producers to adjust their production levels in response to price changes, for example, due to limited resources or fixed production capacity. When supply is inelastic, changes in demand can have a significant impact on the market price.

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The Theory Of Supply

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Question 27 Report

The situation where by a government spends more than its budgets for a fiscal year is known as

extra budget

surplus budget

mid-year budget

deficit budget

Answer Details

The situation where a government spends more than its budget for a fiscal year is known as a deficit budget. This means that the government's expenditures exceed its revenue for the year, resulting in a budget deficit. This can occur due to a variety of factors such as increased spending on social programs, unexpected economic downturns, or decreased revenue from taxes. A deficit budget can have negative consequences such as inflation, increased public debt, and a reduced ability to respond to future economic challenges.

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Public Finance

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Question 28 Report

In ordinary partnership, the risks are

borne by the workers

borne by the creditors

shared among the partners

undertaken by the active partners

Answer Details

In an ordinary partnership, the risks are shared among the partners. This means that all partners are jointly and severally liable for the debts and obligations of the partnership. Each partner is responsible for contributing their share of the partnership's capital, and also for any losses that may be incurred by the partnership. The risks of the partnership are not borne solely by the workers or the creditors, but rather by all partners, including the active partners who manage the partnership. This joint liability is one of the main characteristics of a partnership and is designed to encourage careful management of the partnership's affairs by all partners.

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Business Organizations

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Question 29 Report

The quantity demanded of a commodity is influenced only by changes

tastes

weather

price of the commodity

Price of other commodities

Answer Details

The quantity demanded of a commodity is influenced by several factors, including tastes, weather, price of the commodity, and price of other commodities. However, this question suggests that the quantity demanded is only influenced by one factor, and asks to identify that factor. Out of the options provided, the correct answer is "price of the commodity," as it is one of the primary determinants of the quantity demanded. As the price of a commodity decreases, the quantity demanded generally increases, and vice versa. Other factors, such as tastes, weather, and prices of other commodities, can also affect the quantity demanded, but the price of the commodity is the most direct and significant influence.

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Theory Of Price Determination

The Theory Of Demand

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Question 30 Report

which of the following best describes capital as a factor of production?

a natural resources found everywhere

a stock of physical assets used for production

the organization of human and material resources for production

resources used in training labour

Answer Details

Capital as a factor of production refers to the stock of physical assets that are used in the production process. This includes machinery, equipment, buildings, and tools, among other things. These physical assets are used to produce goods and services, and they are typically owned by businesses or individuals. The use of capital in the production process can lead to increased efficiency, higher output, and ultimately, increased profits.

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Factors Of Production And Their Theories

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Question 31 Report

West African economy can best be described as

agricultural

backward

developed

industrialized

Answer Details

The West African economy can best be described as agricultural. Agriculture is the primary economic activity in West Africa, accounting for a significant portion of the region's GDP and providing employment for a large proportion of the population. The climate and terrain in West Africa are well-suited for the production of crops like cocoa, cotton, peanuts, and palm oil, which are major exports for the region. In addition to agriculture, West Africa is also rich in natural resources such as gold, diamonds, and oil. However, these industries are often dominated by foreign companies and have not led to significant economic development for the region. While some countries in West Africa have experienced significant economic growth in recent years, many still struggle with poverty, high unemployment, and inadequate infrastructure. However, the region has shown potential for growth and development, particularly in areas like renewable energy, which could help to diversify the economy and create new opportunities for employment and investment. Overall, the West African economy is largely agricultural, but has the potential for growth and diversification in other industries as well.

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Money And Inflation

Industry And Industrialization

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Question 32 Report

which of the following combination of qualities ensures a good tax system?

Deflationary equity, certainty and convinience

Economy convinience, certainty and equity

Economy, deflationary, inflationary and certainty

Economy, convinience, certainty and inflationary

Answer Details

The combination of qualities that ensures a good tax system is economy, convenience, certainty, and equity. Economy means that the tax system should not be overly burdensome or expensive to administer, both for the government and for taxpayers. Convenience means that the tax system should be easy for taxpayers to comply with and for the government to administer. Certainty means that taxpayers should be able to know how much tax they owe and when it is due. Finally, equity means that the tax system should be fair and just, with the burden of taxation shared fairly among taxpayers based on their ability to pay. Therefore, a good tax system should balance these four qualities to ensure that it is effective, efficient, and fair.

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Public Finance

The Theory Of Consumer Behaviour

Economic Systems

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Question 33 Report

The system whereby goods are exchanged for goods is known as

stock exchange

barter system

banking

co-operative system

Answer Details

The system whereby goods are exchanged for goods is known as the barter system. In this system, goods and services are exchanged for other goods and services without the use of money. For example, a farmer may exchange his crops with a carpenter for furniture, or a tailor may exchange his services with a baker for bread. This system was used in the past before the introduction of money as a medium of exchange. However, it has some limitations such as difficulty in determining the value of goods and services, lack of divisibility, and the need for a double coincidence of wants.

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Economics As A Science

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Question 34 Report

Provision of services is classified under

primary production

secondary production

tertiary production

production possibilities

Answer Details

The provision of services is classified under tertiary production. Tertiary production, also known as the service sector, involves the production and delivery of services to individuals and businesses. Services can be intangible products, such as healthcare, education, transportation, and financial services, among others. In contrast to primary and secondary production, which involve the production of tangible goods, tertiary production is all about providing a service. The service sector is a crucial part of most modern economies, and it is often the largest contributor to economic growth and employment.

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Agriculture

Business Organizations

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Question 35 Report

income elasticity of demand is measurement of the responsiveness of

price to change in income

quantity demanded to change in income

change in expenditure to change in income

change in expenditure to change in price of the commodity

Answer Details

Income elasticity of demand is a measurement of the responsiveness of quantity demanded to a change in income. Income elasticity of demand measures the percentage change in the quantity demanded of a product in response to a percentage change in income. It shows how sensitive the demand for a product is to changes in income. If the income elasticity of demand for a product is positive, it means that as income increases, the quantity demanded of the product also increases. If it is negative, it means that as income increases, the quantity demanded of the product decreases. The higher the income elasticity of demand, the more sensitive the demand for the product is to changes in income.

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The Theory Of Demand

Economics As A Science

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Question 36 Report

The marginal revenue curve of a monopolist is

upward sloping from the right to left

downward sloping from left to right

paralell to the quantity axis

downward sloping from right to left

Answer Details

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Theory Of Price Determination

The Theory Of Price Determination

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Question 37 Report

proportional tax refers to

taxation of the rich only

equal tax rate for all people

unequal tax rate for all people

taxation of civil servants only

Answer Details

A proportional tax refers to a tax system where the tax rate remains the same regardless of the income level of the taxpayer. In other words, everyone pays the same percentage of their income as tax. For example, if the tax rate is 10%, then someone who earns $10,000 will pay $1,000 in taxes while someone who earns $100,000 will pay $10,000 in taxes. Therefore, the tax rate is proportional to the income level.

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Economics As A Science

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Question 38 Report

Government imposes taxes mainly to

punish the citizens

provide social amenities

donates to poorer countries

execute white elephant projects

Answer Details

The main reason why governments impose taxes is to provide social amenities for their citizens. These amenities include things like roads, schools, hospitals, security, and other public services that are necessary for the welfare of citizens. Taxes are also used to finance government operations, pay salaries of government employees, and support the military. Although taxes can sometimes be seen as a burden, they are essential for the proper functioning of a society, and the benefits they provide usually far outweigh the costs.

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Public Finance

The Theory Of Price Determination

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Question 39 Report

The establishment of industries in rural areas will help to reduce

urban-rural migration

urban-urban migration

rural-urban migration

rural-rural migration

Answer Details

The establishment of industries in rural areas will help to reduce rural-urban migration. When industries are established in rural areas, it creates employment opportunities for the people living in rural areas. This will reduce the rate of migration of people from rural areas to urban areas in search of employment opportunities. With more industries in rural areas, the people will have better access to job opportunities, which will reduce their incentive to migrate to urban areas. This will also help to increase the standard of living in rural areas as people will have better access to income and employment opportunities.

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Industrialization

Industry And Industrialization

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Question 40 Report

Deflation can be controlled by increase in

the bank rate

income tax

the price level

the budget deficit

Answer Details

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Money And Inflation

Financial Institutions

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Question 41 Report

In the money market , money can only be borrowed for

long term

short term

capital project

public utilities

Answer Details

In the money market, money can only be borrowed for short-term purposes. The money market deals with short-term lending and borrowing, typically for periods of less than a year. The loans in the money market are used to finance current operations, such as paying bills and meeting short-term cash flow needs. Therefore, the borrowing and lending in the money market are usually for short-term needs, making it suitable for businesses or individuals who require temporary financial support.

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Money And Inflation

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Question 42 Report

in order to boost agriculture, West African countries should pay more attention to

shifting cultivation

animal husbandry

seed multiplication

mechanization

Answer Details

Mechanization is the most important factor that can boost agriculture in West African countries. Mechanization involves using machines and equipment in farming activities, such as planting, harvesting, and processing of crops. By using mechanization, farmers can save time and energy, increase productivity, and reduce labor costs. Mechanization can also help farmers to cultivate larger areas of land, which can lead to increased yields and profits. Therefore, by paying more attention to mechanization, West African countries can significantly improve their agricultural productivity and increase food security.

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Agriculture

Money And Inflation

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Question 43 Report

In long run, all factors inputs are

variable

diminishing

constant

fixed

Answer Details

In the long run, all factor inputs are variable. This means that a firm can adjust its usage of all inputs including labor, capital, and materials to produce a desired level of output. Unlike in the short run, where at least one input is fixed, in the long run, a firm has the flexibility to choose the optimal combination of inputs to minimize costs and maximize profits. This makes the long run a crucial period for firms to make strategic decisions such as expanding production, entering new markets, or investing in new technology to stay competitive.

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Factors Of Production

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Question 44 Report

Price discrimination can only occur when there is

perfect competiton

imperfect competition

a merge

partnership

Answer Details

Price discrimination can only occur when there is imperfect competition. This is because price discrimination involves a seller charging different prices for the same product or service to different customers based on their willingness to pay. In a perfect competition market, there are many buyers and sellers, and each seller sells an identical product, making it impossible to charge different prices to different customers. However, in an imperfect competition market, there are a limited number of sellers and buyers, and the seller has some market power, which allows them to charge different prices to different customers.

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Read lesson note on Economic Systems (JAMB)

Market Structure

Economic Systems

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Question 45 Report

Per capita income in any West African country is measured by

dividing the GNP by total population

adding the total savings to the GNP

multiplying the GNP by the total population

subtracting the GNP fron the GDP

Answer Details

Per capita income in any West African country is measured by dividing the Gross National Product (GNP) by the total population. Per capita income is a measure of the average income per person in a particular country. It is calculated by dividing the total Gross National Product (GNP) of a country by its total population. GNP refers to the total value of goods and services produced by a country's residents, including those living abroad. By dividing GNP by the total population, we get an average measure of the income of each person in the country. This allows for a comparison of the standard of living across different countries. The higher the per capita income, the better the standard of living in a country.

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Read lesson note on Population And Labour Market (WAEC)

National Income

Population And Labour Market

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Question 46 Report

which of the following is an indirect tax

income tax

company tax

profit tax

sales tax

Answer Details

An indirect tax is a tax that is imposed on goods and services rather than on individuals or businesses. Therefore, of the options given, the indirect tax would be sales tax. Sales tax is a tax on the sale of goods and services and is often added to the price of the item. The tax is collected by the seller and then passed on to the government. The buyer indirectly pays the tax when they purchase the item. Unlike direct taxes, such as income tax or company tax, which are paid by individuals or businesses respectively, indirect taxes are paid by consumers through the purchase of goods and services.

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Read lesson note on The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

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Question 47 Report

A priority rating of aggregate individuals wants is called

Scarcity

choice

A scale of preference

opportunity cost

Answer Details

A scale of preference is a priority rating of aggregate individuals wants. It refers to a list of wants or needs arranged in order of importance or priority. People usually have unlimited wants, but resources to satisfy these wants are limited, so they have to make choices. A scale of preference helps people to make choices by giving them a clear understanding of what is important to them, and what can be sacrificed or postponed. The most important wants are given priority over the less important ones, and this helps to allocate resources efficiently.

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 48 Report

The benefits that result from concentrating similar firms in an area is referred to as

external diseconomies of scales

internal diseconomies of scales

internal economies of scales

external economies of scales

Answer Details

The benefits that result from concentrating similar firms in an area is referred to as external economies of scales. These benefits are enjoyed by firms due to their geographical location and not by the individual firms themselves. Such benefits may include the availability of a pool of skilled workers, common suppliers, access to new technologies, and other factors that reduce costs and increase productivity for firms in that area. Therefore, external economies of scale refer to the advantages that firms gain from the clustering of similar businesses in a particular region, which can enhance the overall competitiveness of the industry in that area.

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Market Structure

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Question 49 Report

The population which yields the highest level of income per head is known as

over-population

under-population

extreme population

optimum population

Answer Details

The population which yields the highest level of income per head is known as the optimum population. This refers to a situation where the population of a country is in balance with its resources and technology, such that each person can attain the highest possible standard of living. An optimum population strikes a balance between the advantages of a large population (such as economies of scale) and the disadvantages (such as resource depletion and environmental degradation).

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Population

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Question 50 Report

One quality of money which makes it possible to be carried easily is its

Scarcity

Durability

portability

acceptability

Answer Details

The quality of money which makes it possible to be carried easily is its portability. This means that money can be easily transported from one location to another without much difficulty. It is a desirable quality because it enables people to carry out transactions without the need for physical goods to be exchanged. It also means that money can be used as a means of exchange in various locations, making it a convenient medium of exchange for buyers and sellers.

Read lesson note on Money And Inflation (WAEC)

Money And Inflation

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