Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Efficient distribution of goods in West Africa will be facilitated by
Apoor storage facility
Badequate transportation system
Chigh standard of living
Dhigh cost of living
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Question 12
waec2003
one of the factors responsible for low agricultural production in West Africa is
Ainadequate labour
Bshortage of lands
Cinadequate implements
Dinadequate research
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Question 13
waec2003
The economic goals of public corporation is to
Amaximize profits
Bexpand assets
Cminimize cost
Dprovide essential services
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Question 14
waec2003
The shares which do not carry any fixed rate of dividend are known as
Adebenture
Bcummulative preference shares
Cordianry shares
Dparticipating preferencial shares
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Question 15
waec2003
one advantage of the sole proprietor is that
Acontrol and supervise is under one man
Baccounts must be publisized
Cit is always successful
Dfunds are easy to obtain
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Question 16
waec2003
Which of the following is a type of business organization?
Astock exchange
Binsurance company
Cchain stores
Dco-operatives
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Question 17
waec2003
The most common type of business in West African countries is
Ajoint-stock companies
Bsole proprietorships
CPartnership
Dpublic enterprises
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Question 18
waec2003
Price elasticity supply measures the responsiveness of quantity supplied to
Achange in suppliers' income
Bchange in price of otther commodities
Ca change in the rpice of the commodities
Da change in the demand for the products
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Question 19
waec2003
If the quantity demanded of a commodity increases from 20 to 30 units where there is an increase in price from 4naira to 5 naira, the elasticity of demand is
A0.0
B1
C2
D5
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Question 20
waec2003
A normal demand curve slopes
Adownward from left to right
Bupwards from left to right
Cdownwards from right to left
Dupwards from the origin
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Question 21
waec2003
which of the following is necessary for the survival of small firms in West Africa?
Aacess to loand for development
Binadequate collaterals for bank loans
Cgovernment assistants in form of loans and tax holidays
Dhigh transportation cost
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Question 22
waec2003
which of the following could be used to measure the efficiency of labour?
Aeducation and training
Brate of inflation
Clevel of unemployment
Dinput-output ratio
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Question 23
waec2003
West African countries experience rapid population growth due to
Aexistence of birth control clinics
Bearly marriages
Cadequate sex education in schools
Dlate marriages
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Question 24
waec2003
The term underpopulation refers to a situation where the population is
Adisperesed over the country
Bsmall in relation to available resources
Cgreater than the available resources
Dconcentrated in a few areas
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Question 25
waec2003
The market supply curve slopes upwards from left to right indicating that
Aat a lower price more is supplied
Btwo commodities can be supplied at the same time
Cat a lower price, less is supplied
Dproducers pay high taxes
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Question 26
waec2003
Marginal cost can be derived from the
Atotal product
Btotal revenue
Ctotal cost
Daverage fixed cost
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Question 27
waec2003
when the total products is at its maximum marginal products is
Aincreasing
Bpositive
Cnegative
Dzero
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Question 28
waec2003
The additional satisfaction derived from the consumption of one or more unit of a good is called
Amarginal products
Bmarginal utility
Cmarginal revenue
Dmarginal cost
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Question 29
waec2003
which of the following is an advantage of localization of industry?
