Sample WAEC-style Practice Questions (Original Content)

WAEC Style

Question 1

A producer is said to be efficient if he can produce a given level of output with

Question 2

Which of the following is an example of a derived demand?

Question 3

The main reason for the downward slope of the demand curve is the

Question 4

A shift in the supply curve to the left while demand remains constant will lead to

Question 5

If the income of a consumer increases and the demand for a good stays the same, the good is a

Question 6

The coefficient of price elasticity of demand for a perfectly elastic demand is

Question 7

The reward for an entrepreneur is

Question 8

One of the problems of a barter system is the difficulty in

Question 9

In a public limited company, the board of directors is elected by the

Question 10

Economic rent is defined as the payment to a factor of production

Question 11

The price of a product is $50 and the quantity demanded is 100 units. If the price increases to $60 and quantity remains 100 units, demand is

Question 12

Which of the following is a primary industry?

Question 13

When marginal product is zero, total product is

Question 14

If a firm doubles its inputs and its output increases by more than double, the firm is experiencing

Question 15

A market where there is only one buyer and many sellers is a

Question 16

The process of money creation is carried out by

Question 17

An example of a contractionary monetary policy is

Question 18

Inflation caused by an increase in the price of imported raw materials is

Question 19

The total value of output produced by citizens of a country regardless of where they live is the

Question 20

Which of the following is an example of an indirect tax?

Question 21

A budget deficit occurs when the government

Question 22

The age structure of a population is the distribution of the population by

Question 23

Malthus suggested that population can be checked by "preventive checks" which include

Question 24

The comparative advantage theory was propounded by

Question 25

A country has a favorable balance of trade when its

Question 26

The main objective of a tariff is to

Question 27

Foreign exchange refers to the

Question 28

Which of the following is a problem faced by the Economic Community of West African States?

Question 29

Economic growth is a prerequisite for

Question 30

The most important factor influencing the demand for a product is its

Question 31

If the price of butter rises and the demand for margarine increases, the two goods are

Question 32

Supply of a commodity is the quantity that a producer is

Question 33

A price ceiling is usually set by the government to protect

Question 34

Capital as a factor of production refers to

Question 35

Which of the following is a function of the retailer?

Question 36

The difference between a country's total export value and total import value is the

Question 37

What is the main source of income for a commercial bank?

Question 38

The value of a commodity expressed in terms of money is its

Question 39

A firm's break even point is the level of output where

Question 40

An example of a government transfer payment is

Question 41

Economic problems arise because

Question 42

The curve that shows all the possible combinations of two goods a consumer can buy with a given income is the

Question 43

If the price of a good falls and the total expenditure on it remains the same, the elasticity of demand is

Question 44

The difference between direct and indirect taxes is that

Question 45

One of the functions of the Central Bank of Nigeria is to

Question 46

A population that is too small to make full use of the country's resources is

Question 47

The specialization of a worker in a specific part of the production process is

Question 48

The value of the goods and services that a unit of money can buy is its

Question 49

What type of unemployment occurs when workers are between jobs?

Question 50

A country that can produce a good at a lower opportunity cost than another has a

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