WAEC SSCE - Economics - 2021 (Objective)

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?

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

Functions of money does not include_______

An increase in cash ratio by the central bank will_______

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_____

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

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

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

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

What is the dependency ratio?

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

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

Government can curb inflation by_________

The law of diminishing returns is applicable to the__________

The coefficient of price elasticity of supply of land is usually____________

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

Market supply may increase if there is an increase in the________

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________

A customs union is an economic grouping which has___________

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

The distinguishing function of an entrepreneur is_______

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

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

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

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

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

The leftward shift in the supply curve for a commodity indicates_________

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

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___________

Demand-pull inflation can be as a result of___________

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

People who dispose of their assets are expected to pay ______________

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

Government can increase farmers' incomes by__________

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?

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?

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

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 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_________

The demand for wood and labour is an example of______

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

Examples of land that are non-renewable include___________

When market supply increases , the equilibrium price_________

The study of economics IS Important to every society because it______ 

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

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

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

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

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

Two factors which can improve the efficiency of labour are_________

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