WAEC SSCE - Economics - 2023 (Objective)

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

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

The most liquid asset among the following is

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

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?

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

The rate of growth of population is

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

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

An economy system is mainly concerned with

A joint stock company enjoys perpetual existence because

The total fixed cost curve is

Commericial banks help in economic development mainly by

The fixing of maximum prices by government is mainly on

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

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

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

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

An example of government's recurrent expenditure is

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

Tariffs, quotas and embargoes are examples of

If a firm retrenches some of its factory workers its

An indication that there is inflation in a country is that

Taxes levied on goods and services by government are called

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

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

A monopolist may enjoy abnormal profit only if its

The study of economics is mainly concerned with how to

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

The dependency ratio of a country is the

A small scale firm located within an industrial estate will enjoy

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

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

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

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

Warehousing is an economic activity that falls under

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

A country is described as developing if

The malthusian theory of population is best illustrated when

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

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

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

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

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

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

The price level and the value of money are

One of the factor that may not promote industrial development is

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

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

National income is calculated mainly to