WAEC SSCE - Economics - 2011 (Objective)

A rational consumer is one who

When governments wants to discourage consumption, they tax goods whose demand is

The increase in population growth in big cities is referred to as

National income is used to measure

In which of the following markets does a firm have power to make super normal profits both in the short run and long run?

A market structure where profit is maximized when marginal revenue, marginal cost and price are equal is known as

The demand for money to take advantage of changes in bond prices is the

The following are features of subsistence agriculture except

A normal demand curve slopes

which of the following does not change in the short run?

A fall in national output will necessitate

Which of the following is not true of small companies ? they

A firm's main aim is to

which of the following is not true about land?

Natural growth rate of population can be defined as the

The co-efficient of income elasticity of demand for inferior goods is

If the labour force of a country is 2.5 million and 2 million are employed , what is the unemployment rate?

When a country's net income from abroad is added to its total output, the result is

Palm oil and palm kernel have

A rise in government expenditure can lead to

One profitable form of business undertaken by the commercial banks is

The resource used in production are called

Deposit held in a commercial bank are part of

The type of production that involve the tapping and harnessing of natural resources is

The effect of privatization on the industrial sector of a country is that it

A tax is regressive if the

Frictional unemployment can be reduced by

An arrangement of data in rows and columns is referred to as

The difference between the money cost and the real cost of any item is that

if the current price of an apple is twice that of last year, it implies that the value of money is

If there are no barriers to entering a market, it means that

price fixed above the equilibrium is to

When total utility is constant, it means marginal utility is

A supply curve which is vertical has an elasticity co-efficient of

One good reason for the elimination of middle men is that they

If a 20% rise in price of Whiskey leads to a 30% increase in quantity demanded of Schnapps, the cross elasticity of demand is

The production possibility curve (PPC) indicates that as more of one good is produced.

A firm will shut down in the long run if its earning is

The production strategy used in an over-populated country is

Human wants are

Cost push inflation is caused by a

The grouping of the population according to the economic activities people engage in is

A consumer purchasing a commodity X will maximize his satisfaction if