Sample WAEC-style Practice Questions (Original Content)

WAEC Style

Question 1

Which of the following is the most comprehensive definition of Economics?

Question 2

A student has $10 and needs a book and a shirt each costing $10. If he chooses the book, the shirt is the

Question 3

In which economic system are resources owned by both the state and private individuals?

Question 4

Which of these is a characteristic of a socialist economy?

Question 5

Human wants are described as unlimited because

Question 6

The Production Possibility Curve (PPC) is usually concave to the origin because of

Question 7

The term "Ceteris Paribus" in Economics means

Question 8

A normal demand curve slopes

Question 9

Which of the following will cause a rightward shift of the supply curve?

Question 10

When the percentage change in quantity demanded is exactly equal to the percentage change in price, demand is

Question 11

Price elasticity of supply measures the responsiveness of quantity supplied to changes in

Question 12

The cross elasticity of demand for two goods that are complements is

Question 13

The equilibrium price is the price at which

Question 14

A change in the price of a commodity will result in

Question 15

Diminishing marginal utility implies that as consumption increases

Question 16

Which of the following is a fixed factor of production in the short run?

Question 17

Average Product is defined as

Question 18

A firm's variable costs are those that

Question 19

The long run is a period of time in which

Question 20

Total Revenue is calculated by multiplying

Question 21

A market with a large number of buyers and sellers selling heterogeneous products is

Question 22

Which of the following is a legal monopoly?

Question 23

Price discrimination occurs when a seller charges

Question 24

The demand for labor is an example of

Question 25

A firm's profit is maximized when

Question 26

What is the reward for the factor of production known as land?

Question 27

Middlemen in the chain of distribution include

Question 28

Which of the following is a form of money?

Question 29

The value of money varies

Question 30

A commercial bank's primary function is to

Question 31

The central bank can reduce the money supply by

Question 32

Inflation caused by excessive spending in the economy is called

Question 33

Who are the losers during a period of high inflation?

Question 34

National income is the total value of

Question 35

The income method of measuring national income involves adding up

Question 36

To avoid double counting in national income, we should only include the value of

Question 37

A population is said to be optimum when it

Question 38

The aging population is a problem because it leads to

Question 39

International trade takes place because of

Question 40

A tax on imported goods is called

Question 41

The record of a country's visible and invisible trade is the

Question 42

One of the functions of the International Monetary Fund (IMF) is to

Question 43

Public debt is the money owed by

Question 44

Which of the following is a direct tax?

Question 45

An example of an invisible export is

Question 46

Economic development differs from economic growth because development involves

Question 47

The main reason for the establishment of the Economic Community of West African States (ECOWAS) is to

Question 48

A producer is in equilibrium when his goal is to

Question 49

Which of the following is a problem of agricultural marketing in West Africa?

Question 50

The scale of preference helps a consumer to solve the problem of

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