Sample WAEC-style Practice Questions (Original Content)

WAEC Style

Question 1

The act of choosing one out of many alternatives is called

Question 2

Which of the following is an example of a capital resource?

Question 3

In a free market economy, the problem of what to produce is solved by

Question 4

The demand for two goods that are used together is known as

Question 5

According to the law of supply, as the price of a commodity increases

Question 6

An increase in the price of raw materials will cause the supply curve to

Question 7

The point where quantity demanded equals quantity supplied is the

Question 8

A price floor is a minimum price set by the government that is usually

Question 9

The total satisfaction a consumer gets from consuming a specific amount of a good is

Question 10

The law of diminishing marginal returns states that as more units of a variable factor are added to a fixed factor

Question 11

Which of the following business units has the feature of separate legal entity?

Question 12

A partnership can have between 2 and

Question 13

The main reason for the establishment of public corporations is to

Question 14

If a firm produces 100 units at a total cost of $500, the average cost is

Question 15

A market structure with only a few large sellers is

Question 16

Money is anything that is generally accepted as a

Question 17

Inflation that occurs when the demand for goods is greater than the supply is

Question 18

The rate at which the Central Bank lends money to commercial banks is the

Question 19

Commercial banks help in capital formation by

Question 20

GDP measured at current prices without adjusting for inflation is

Question 21

A country with a very high birth rate and a falling death rate will experience

Question 22

The total number of people who are willing and able to work is the

Question 23

Division of labor is limited by the

Question 24

Which of the following is a tertiary industry?

Question 25

When the government takes over a private firm, the process is called

Question 26

The trade between two or more countries is

Question 27

A country's balance of trade is favorable if

Question 28

Devaluation of a currency makes exports

Question 29

The main objective of the African Development Bank is to

Question 30

Public finance deals with the

Question 31

A tax on income that increases as the income increases is

Question 32

Which of the following is a non tax revenue for the government?

Question 33

A budget where estimated expenditure is more than estimated revenue is a

Question 34

Economic growth is measured by the increase in

Question 35

The main product of the Nigerian economy is

Question 36

Which of the following is a problem of agriculture in West Africa?

Question 37

The primary reason for international trade is

Question 38

In a partnership, a dormant partner is one who

Question 39

A document showing the detail of a country's trade and financial transactions with other nations is the

Question 40

Economic development involves growth plus

Question 41

The money market is for

Question 42

A tax on goods produced within a country is

Question 43

One benefit of privatization is

Question 44

An example of joint supply is

Question 45

If the price of a good increases and demand falls significantly, the demand is

Question 46

The branch of Economics that deals with the economy as a whole is

Question 47

A situation where a country's population is growing at the same rate as its resources is

Question 48

The total value of a nation's stock of assets is its

Question 49

One of the functions of the retailer to the consumer is

Question 50

Which of the following is an invisible import?

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