Sample WAEC-style Practice Questions (Original Content)

WAEC Style

Question 1

Economics is a social science because it

Question 2

The main reason for the study of Economics is the

Question 3

A good that is provided by nature and has no price is called a

Question 4

In a capitalist economy, the allocation of resources is determined by

Question 5

Opportunity cost is also known as

Question 6

A point inside the Production Possibility Curve indicates that

Question 7

Effective demand is demand backed by

Question 8

If the price of tea rises, the demand for coffee is likely to

Question 9

Which of the following is an exception to the law of demand?

Question 10

A supply curve that is parallel to the vertical axis has an elasticity of

Question 11

The price at which quantity demanded exceeds quantity supplied is

Question 12

If income elasticity of demand is negative, the good is an

Question 13

A government subsidy to producers will cause the supply curve to

Question 14

Consumer surplus is the difference between

Question 15

Which of the following is true about indifference curves?

Question 16

Total product starts to decline when marginal product is

Question 17

An advantage of division of labor is that it

Question 18

Internal economies of scale occur when a firm

Question 19

Which factor is most likely to influence the location of a cement factory?

Question 20

A major disadvantage of a sole proprietorship is

Question 21

Which characteristic of money helps in expressing the value of goods in figures?

Question 22

Open Market Operation (OMO) is a tool used by the Central Bank to

Question 23

Treasury bills are examples of instruments traded in the

Question 24

The supply of money is determined by the

Question 25

A period of rising prices caused by higher wages is called

Question 26

GDP at market price includes indirect taxes but excludes

Question 27

Net National Product is Gross National Product minus

Question 28

Personal income minus personal income tax gives

Question 29

Underpopulation exists when a country has

Question 30

One major problem of conducting a population census in West Africa is

Question 31

The movement of a worker from one job to another within the same skill level is

Question 32

A wholesaler performs the function of breaking bulk by selling in small quantities to

Question 33

A large retail shop that sells a wide variety of goods under one roof is a

Question 34

The policy of restricting imports to protect local industries is called

Question 35

Invisible items in the balance of payments include

Question 36

A country's terms of trade improve if the

Question 37

An exchange rate system where the value of a currency is fixed by the government is

Question 38

Recurrent expenditure of a government includes

Question 39

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

Question 40

A proportional tax is one where

Question 41

One objective of national development planning is to

Question 42

A major problem of industrialization in West Africa is

Question 43

The downstream sector of the petroleum industry includes

Question 44

The West African Development Bank aims to provide financial support to

Question 45

A customs union is a form of economic integration where member countries

Question 46

Which of the following is a renewable natural resource?

Question 47

Subsistence agriculture is characterized by

Question 48

One of the functions of marketing boards in West Africa was to

Question 49

The demand for capital depends on the

Question 50

In a free market, if the price of a good is too high, it is brought down by

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