WAEC SSCE - Economics - 2012 (Objective)

why is the law of diminishing returns a short run phenomenon?

In a situation where the finished product of an industry is fragile, bulky and perishable, such an industry should be located close to its

A public limited company could finance its operations through

A decrease in the demand for a product X resulted in a decrease in the demand for another product Y. The demand for X and Y is

When there is improvement in a country's terms of trade, it means that the country's

The national income is the

The law of diminishing marginal utility applies to a

If Y = income, C = Consumption, I = Investment, X = Export and M = Import, then national income is

A demand schedule shows the quantities of goods that are

Any price below the equilibrium price will lead to

A situation in which the estimated government revenue is less than the proposed expenditure for a given year can be described as

Which of the following is true about import substitution? it

Which of the following problems arises where there are more than one technically possible methods of production

Which of the following is capable of increasing the population of a country?

One of the reasons why government may erect a trade barrier is to

A price index as a statistic, measures

Mr Akpoti has meat and wants maize, while Mr, Adama has maize and wants meat.transation is possible because of

An arrangement in which the debts of a company can only be paid from its own assets implies

Which of the following features best describes peasant agriculture in West Africa? It

Which of the following is a function of a retailer?

The demand curve for a commodity is downward sloping because the consumer will pay

An excise tax is imposed on goods

If a particular consumer derives total utility of 22 utils having consumed 4 units of a given product, his average utility will be

The allocation of goods and services in a free market economy is performed by

`The difference between the number of immigrants and emigrants is

Which of the following is not a function of the West African Development Bank?

Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be

All of the following is the features of optimum population except

Visible balance is also known as

Which of the following will not retard economic development in West Africa?

One reason why small scale businesses are very common in West Africa is that

One of the problems facing industrial development in West African countries is

The following are means of reducing the population of a country except encouraging

The different between birth rate and death rate is known as

In open market operations, what the Central Banks sells or buys are

In the firm's production process, marginal cost

If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as

Which of the following best describes the mode? the

The type of monopoly that develops as a result of granting patent right is known as

The following are reasons for failure of agricultural policies in West Africa except

Which of the following is not a form of money?

The financial institution that specializes in risk spreading is called

A shift in the demand curve indicates

A condition for consumer utility maximization is

The factor of production which takes the initiative in combining resources for production is known as

When depreciation is deducted from Gross National Product, the result is

Balance of payments problem can be corrected through