Sample WAEC-style Practice Questions (Original Content)

WAEC Style

Question 1

Economics is often defined as the study of how society manages its

Question 2

The value of the next best alternative forgone is known as

Question 3

In a command economy, the basic economic questions are answered by the

Question 4

A list of a consumer's wants arranged in order of importance is the

Question 5

Which of the following is a reward for capital as a factor of production?

Question 6

The law of demand states that, all other things being equal, as price increases

Question 7

When the price of a good is below the equilibrium price, there will be a

Question 8

An increase in the price of butter may cause the demand for margarine to increase. This means both goods are

Question 9

The responsiveness of quantity demanded to a change in price is called

Question 10

If the price elasticity of demand is zero, the demand curve is

Question 11

Which of the following will cause a movement along the demand curve?

Question 12

The total satisfaction derived from consuming a commodity is called

Question 13

The law of diminishing marginal utility states that as more of a good is consumed, the additional satisfaction

Question 14

A production function shows the relationship between

Question 15

Fixed costs are costs that

Question 16

The change in total cost resulting from producing one extra unit of output is

Question 17

A market structure with many buyers and many sellers selling identical products is

Question 18

A single seller of a product that has no close substitutes is a

Question 19

Which of the following is a function of money?

Question 20

Inflation is defined as a persistent increase in the

Question 21

The total value of all final goods and services produced within a country in a year is the

Question 22

Direct taxes are levied on

Question 23

A budget in which estimated government revenue is equal to estimated expenditure is a

Question 24

The record of a country's economic transactions with the rest of the world is the

Question 25

Commercial banks are primarily set up to

Question 26

Which bank acts as the lender of last resort?

Question 27

Labor force refers to the population between the ages of

Question 28

The Malthusian theory of population is concerned with the relationship between

Question 29

Division of labor leads to

Question 30

A major disadvantage of the barter system is the

Question 31

If a firm's total revenue is $500 and its total cost is $400, the firm is making a profit of

Question 32

A public limited company is owned by

Question 33

The demand for labor is a

Question 34

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

Question 35

Deflation is a period of

Question 36

The primary objective of the World Bank is to

Question 37

A tax system where the rate of tax increases as income increases is

Question 38

The price of one currency in terms of another is the

Question 39

Utility is best defined as

Question 40

Which of the following is a component of a country's current account?

Question 41

When a country's exports exceed its imports, it has a

Question 42

The study of the economic behavior of individual units like households and firms is

Question 43

Which of the following is a middleman in the chain of distribution?

Question 44

Price floor is a

Question 45

The total quantity of a good that all sellers are willing to sell at different prices is

Question 46

A situation where many firms sell slightly different products is

Question 47

What is the main reason for international trade?

Question 48

An example of a transfer payment is

Question 49

The main tool of monetary policy is the

Question 50

Economic growth is measured by the increase in a country's

👈Back to Home