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2014 Wassce Economics Objectives
2014 Wassce Economics Objectives
1.
Human want are unlimited because
A. production is inadequate
B. resources have alternative uses
C. new wants always rise
D. resources are limited
2.
A basic economic problem of any society is
A. high level of illiteracy
B. irregular power supply
C. population growth
D. resource allocation
3.
In a centrally planned economy, what to produce is
A. determined by the forces of demand and spply
B. driven by profit motive
C. determined by consumers
D. the responsibility of state's bureaucrats
4.
Which of the following is related to resources allocation in an economy?
A. how to produce
B. what to produce
C. for whom to produce
D. efficient use of inputs
5.
Which of following is not a feature of socialism?
A. Collective ownership of productive resources
B. Freedom of enterprise
C. production is not based on the profit motive
D. Maximization of public welfare
6.
Households make economic decisions because they want to
A. make more profit
B. increase their salaries and wages
C. increase their purchases
D. maximize their satisfaction
7.
State-owned enterprises are more common in:
A. centrally planned economies
B. mixed economies
C. capitalist economies
D. developed economies
8.
A normal supply curve has a positive slope which indicates that
A. sellers are willing to sell more at a lower price
B. sellers are indifferent to prices
C. sellers are willing to sell more at a higher price
D. there is always a fixed supply
9.
To control inflation, the central bank of a country may adopt
A. an expansionary monetary policy
B. a restrictive monetary policy
C. an increased wage policy
D. a deficit financing policy
10.
Disposable income is the income earned
A. by the nationals of a country resident within the country
B. from productive activities of nationals of a country both at home and abroad
C. when personal income tax is deducted from personal income
D. when the gross income of an individual is added to person income tax
11.
Livestock production in West Africa is hindered mainly by
A. inadequate demand
B. use of traditional implements
C. land tenure system
D. pests and diseases
12.
The components of a three-sector economy are
A. banks, schools and hospitals
B. workers, producers and marketers
C. households, firms and the government
D. producers, retailers and wholesalers
13.
A declining population is one in which the population is
A. experiencing a high rate of emigration
B. made up of large number of old people
C. not producing enough goods
D. not contributing enough to the national income
14.
Which of the following agencies help to stabilize farmers’ income?
A. Local government authorities
B. Trade unions
C. Marketing boards
D. Co-operative organizations
15.
Other things being equal, an increase in supply will lead to
A. a fall in price and an increase in quantity bought and sold
B. an increase in price and increase in quantity bought and sold
C. a fall in price and a fall in quantity bought and sold
D. an increase in quantity supplied and demanded only
16.
Examples of joint stock banks are
A. commercial banks
B. co-operative credit societies
C. central banks
D. development banks
17.
Which of the following is not a characteristic of a developing country? High
A. real per capital income
B. level of primary production
C. population growth rate
D. level of illiteracy
18.
Goods consumed out of habit have
A. elastic demand
B. perfectly elastic demand
C. inelastic demand
D. unitary elastic demand
19.
Which of the following items is not a recurrent expenditure?
A. building of schools and colleges
B. maintenance of school buildings
C. payment of teachers’ salaries
D. purchase of stationery for examination
20.
If the coefficient of price elasticity of demand is 0.1, demand is
A. elastic
B. inelastic
C. zero elastic
D. unitary elastic
21.
The profit of a producer is the difference between
A. total cost and marginal cost
B. total revenue and total cost
C. average cost and total cost
D. price and total cost
22.
The rate of increase in utility is
A. average utility
B. increasing utility
C. total utility
D. marginal utility
23.
The supply of tea is linearly presented as P = 0.2Q, where P is the price and Q is the quantity. What is P when Q =
25?
A. $0.08
B. $5.00
C. $25.02
D. $125
24.
Increase in supply due to changes in plant size will take place only in the
A. normal time
B. long run
C. market period
D. short run
25.
The long – run average cost curve is made up of several short-run
A. marginal and average cost curves
B. average cost curves
C. average variable cost curves
D. average variable and total cost curves
X 2 3 4 5
Y 2 5 2 1
Use the above table to answer this question.