WAEC SSCE - Economics - 2021 (Objective)

The study of economics IS Important to every society because it______ 

The distinguishing function of an entrepreneur is_______

The demand for wood and labour is an example of______

People who dispose of their assets are expected to pay ______________

A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes Is the________

An increase in market supply is caused by the following factors except_________

The age distribution of a country's population is shown below. Use the information is answer the question below.

What is the dependency ratio?

An increase in the rice harvest, all things being equal, may cause____________

The age distribution of a country's population is shown below. Use the information is answer the question below.

What is the percentage of the working population?

A country may be able to earn more from exports if she_____________

Market supply may increase if there is an increase in the________

Records of a country's invisible trade are recorded in her_____________-

An increase in cash ratio by the central bank will_______

The output of an extra unit of an input is referred to as________

In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on_______

What will be the reaction of consumers in a market if there is a fall in the price of the substitute commodity X?

The coefficient of price elasticity of supply of land is usually____________

Two factors which can improve the efficiency of labour are_________

Non-economic factors that influence the location of firms include ________

Government can increase farmers' incomes by__________

Government can curb inflation by_________

A major source of finance to the Railway Corporation in West African countries is_______

A firm incurred the following costs in production. Use the information in the table to answer the question below.

The average cost of producing 40 bags of rice is_____

A measure that can be adopted to correct a country 's balance of payments deficit is ____________

Functions of money does not include_______

When market supply increases , the equilibrium price_________

Separation of ownership of resources and their control is mostly found in a __________

The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve____ 

By passing the middlemen in the chain of distribution can lead to _________

When a commodity market operates without government interference, commodities are distributed through_______

The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply_________

A floating exchange rate means that the exchange rate is fixed by the __________

Which of the following is not an argument for the policy of privatization in West Africa?

Demand-pull inflation can be as a result of___________

If a country's import bill is high, she can encourage exports by___________

The supply of land for agricultural purpose can be increased through _______

When a government cuts down her expenditure to reduce inflation, she has embarked on___________

The standard of living in two countries can be compared using the___________

Balance of payments and trade problems that arose after the world wars were resolved by the____________

The law of diminishing returns is applicable to the__________

Examples of land that are non-renewable include___________

Use this data below to answer the question

The following data relates to the national income of a country.
Gross domestic product = $2800
Net factor income from abroad = $250
Depreciation = $700
Indirect taxes = $120

What is the country's Net National Product (NNP) at factor cost?

One way of obtaining the median of a given data is to__________

The leftward shift in the supply curve for a commodity indicates_________

Use this data below to answer the question

The following data relates to the national income of a country.
Gross domestic product = $2800
Net factor income from abroad = $250
Depreciation = $700
Indirect taxes = $120

What is the country's Gross National (GNP)?

The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

If a country imposes a barrier on trade, the resultant effect will be _________

Abundant natural resources do not contribute to economic growth in developing countries because of_________

A firm incurred the following costs in production. Use the information in the table to answer the question below.

The fixed cost of production is___________

A customs union is an economic grouping which has___________