WAEC SSCE - Economics - 2020 (Objective)

In the figure above, YZ represents 

The central bank Can reduce the ability of commercial banks to give out loans by 

Labor productivity is defined as 

Use the figure below to answer question that follows

What does the diagram above depict

Tools of monetary policy do not include

A country is allowed to import just 50,000 tonnes of rice annually. This describes 

Which of the following problem has the least effect on agricultural productivity in West Africa?

Expenditure on food takes a large proportion of the incomes of people in

Money would cease to be a good store of value when 

If a beef market is in equilibrium at $4.00 per kg, an increase in price to $6.00 per kg may cause

Goods that are abundant in supply usually have low

A consumer is in equilibrium when 

Which of the following factors may lead to the underestimation of national income figures?

An increase in supply means that

During inflation, the appropriate fiscal measure to adopt is to

Use the figure below to answer the question that follows

The curves D\(_{0}\)D\(_{0}\) and S\(_{0}\)S\(_{0}\) are the initial demand and supply curves respectively. What happens when government provides subsidies to producers?

If the average fixed cost (AFC) of producing 5 bags of rice is $20.00, the average fixed cost of producing 10 bags will be 

In the long run, as individuals receive higher wages, it causes

Import substitution as a strategy of industrialization is the 

If an increase in the price of crude oil led to an increase in the prices of kerosene and grease, then kerosene and grease are in

Inflation may occur if 

A country should embark on development planning to ensure that

Land as a factor of production is made useful through the 

Increasing returns to scale suggests that 

The principle of comparative advantage encourages a country to 

Which of the following is central to the definition of Economics?

Mr. X and Mrs. Y pay $500.00 and $1,400.00 as taxes on their earning of S5,000.00 and $7,000.00 respectively. The system of taxation employed is

Goods are described as inferior if their demand

The foremost objective of the International Bank of Reconstruction and Development (IBRD) is to

The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows

What is the firm's marginal revenue?

Which function of the wholesaler enables him to stabilize prices? 

Dumping is selling goods in a foreign market at a price 

Governments in West Africa can curtail inflation by 

A seller increased the quantity he offered for sale from 200 units to 250 units when the price of his product increased by 12.5%. What is the price elasticity of the supply of his product?

The exploitation of mineral resources constitutes which form of production?

If an increase in the supply of beef increased the supply of hides, then beef and hides are in
 

In a free market economy, resources are allocated through the 

When the production possibility curve shifts outwards, the economy experiences

One feature of the average fixed cost is that it
 

The location of iron and steel industry at a place is due to 

How is NNP at factor cost derived from GNP at market prices? 

The public sector in a mixed economy is not always because of

Free trade is one in which  

The figure below shows the change in demand for Commodity X which is a normal good. Use it to answer the question that follows.

Which of the following caused the change in demand from D\(_{1}\) D\(_{1}\) to D\(_{2}\)D\(_{2}\)

 Organization and entrepreneurship are vested in diferrent persons in a

The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows

What is the unit price of the firm's output

Which of the following are intermediate products?

A large firm may experience diseconomies of scale if there is 

In order to discourage the importation of manufactured goods, a country should adopt