WAEC SSCE - Economics - 2023 (Objective)

Use the graph above to answer the question
The curve labelled W shows the

The demand for a factor input as a result of the demand for its output is known as

The total fixed cost curve is

If the demand for a commodity remains constant as price increases, the commodity is said to be

The price level and the value of money are

The average revenue curve of a firm in a perfect market is the same as the

Warehousing is an economic activity that falls under

An economy system is mainly concerned with

The dependency ratio of a country is the

Assisting members to solve temporary balance of payments problems is the reasons for the establishment of the

The malthusian theory of population is best illustrated when

National income is calculated mainly to

The study of economics is mainly concerned with how to

When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will

Many workers are employed in the agricultural sector of developing countries because

The most liquid asset among the following is

If the government stops subsidy on cocoa production, the supply curve of cocoa will

Tariffs, quotas and embargoes are examples of

Which of the following is a non-renewable natural resources?

A fall in the price of a normal commodity which has elastic demand will result in

Petrol and Kerosene are jointly obtained from crude oil. If the supply of petrol increases, the

Resources are pooled for the mutual benefit of its members mainly in a

An indication that there is inflation in a country is that

The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5,7, 6, 8, 9 and 7. What is the median mark?

Industries are sometimes located in areas which are not profitable so as to

The rate of growth of population is

When job vacancies are publicized, the government is mainly trying to solve the problem of

When more of tax on a product is borne by the buyer than the seller, the commodity involved has

The supply of light could be met using a candle, lantern and gas lamp. This is an example of a

When the marginal utility from the consumption of commodity X (Mux) is greater than the price commodity X (Px), a rational consumer should

A small scale firm located within an industrial estate will enjoy

At what point on the total product curve shown above will marginal product be negative?

A country is described as developing if

Commericial banks help in economic development mainly by

Country M enjoys absolute advantage over country N in the production of commodities X and Y, if country M

An example of government's recurrent expenditure is

A monopolist may enjoy abnormal profit only if its

If a firm retrenches some of its factory workers its

A government may cause a favourable change in her invisible trade account by

A joint stock company enjoys perpetual existence because

Taxes levied on goods and services by government are called

The Net National Product (NNP) of a country is $50m while the depreciation allowance is $10m. The Gross National Product (GNP) is

Money is able to function more as a medium of exchange when

To overcome the problem of double counting under the expenditure approach,

Which of the following is not a problem facing Economic Community of West African States (ECOWAS)?

Trade protection will assit economic growth in developing countries if it can

One of the factor that may not promote industrial development is

Consumers have access to a variety of goods through the activities of the

Which of the following items is not classified as working capital?

The fixing of maximum prices by government is mainly on