13. The market supply for a commodity is the

B. aggregate of supply schedules of individual firms.

A quantity of a commodity supplied by a firm.

C. total output of a manufacturer brought into the market

D. quantity of a commodity produced at a given time

14. A demand curve slopes downward because of

C. diminishing marginal utility.

A. the laws of demand and supply.

B. the law of variable proportions.

D. increasing returns to scale.

16. An increase in the demand for cocoa in the short- run may lead to

C. an increase in price as supply remains unchanged.

A. an increase in price and quantity.

B. an increase in price as supply decreases.

D. a decrease in price and supply.

17. A firm experiences internal diseconomies of scale when

B. it faces higher production cost.

A. average cost of production declines.

C. it adopts technological innovation.

D. production cost declines with higher output.

18. In order to prevent the operation of the law of diminishing returns in agriculture,

C. the use of fertilizer should be encouraged.

A. labour intensive method should be adopted.

B. land tenure should be encouraged.

D. urban-rural migration should be encouraged.

19. Which of the following statements is false in theory of costs?

B. AFC curve rises as output rises

A. AFC curve falls as output rises

C. AVC curve falls first, then rises

D. ATC curve falls first, then rises

20. A firm may enjoy technical innovation when it

C. sets up research and development department.

A. uses more of producers' goods

B. improves the welfare of workers.

D. improves its transportation and communication facilities.

21. A monopolist can practice price discrimination only if

A. the market can be segmented.

C. elasticities of demand are uniform in the market.

D. goods and services are heterogenous

22. Consumers cooperative societies are formed to

C. ensure effective distribution of consumer goods

A. encourage thrift among members.

B. supply farm inputs to members at controlled prices.

D. make sure consumers pay minimum prices fixed by the government.

23. One disadvantage of cooperative societies a business organisations is that

A true spirit of cooperation is marred by delegated authority.

B. members show too much interest.

D. members share essential commodities.

24. Distribution can be described as the movement of

D. commodities from production points to the consumers.

A. raw materials to the centre of production.

B. labour from the farm to the market centres.

C. goods from the rural areas to the urban centres.

26. A country with a declining population may experience

C. higher demand for goods needed by old people

A. reduction in the dependency ratio.

B. a high propensity to save and invest.

D. higher demand for goods needed by infants.

27. Efficiency of Labour is enhanced mainly by

D. improved working conditions and training.

A. involvement is one's own family affairs.

29. Small-size farms are common in West Africa because

C. of land tenure and fragmentation.

A. many farmers want to be their own bosses.

B. of poor qualities of farmland.

D. of poor weather and climatic conditions.

30. The contributions of manufacturing industries to development is low in West Africa because

C. of inadequate infrastructural facilities.

B. there is no capital to start operations.

D. people do have the skills required.

31. In general, natural factors are very important in the location of

A. import-substitution industries.

32. Which of the following items is not included in the national income?

A. Services rendered to government

34. Double counting in national income accounting can be avoided if

C. value added approach is adopted.

A. expenditure approach is adopted.

B. intemediate products are counted.

D. income and output approaches are used.

WAEC PC 2020

Authored by Godson Daniel

Business

12th Grade

Used 2+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Adam Smith defined economics as "an inquiry into the nature and causes of wealth of nations". To him economics is concerned with

A. resource allocation.

B. wealth making.

C. nature of businesses.

D. science of economics.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. A rightward shift in the production possibility frontier may be due to

A. inefficiency in production techniques.

B. improvement in production technique and practices.

C. inadequate resources.

D. use of inferior inputs.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. Roads and electricity provided by the government are best described as

A. circulating capital.

B. human capital.

C. social capital.

D. personal capital.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. The following economic systems are the same except

A. controlled economy.

B. capitalist economy.

C. socialist economy.

D. planned economy.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. Which of the following will best illustrate relative sectoral contributions to the Gross Domestic Product (GDP) of a country?

A. Pie chart.

B. Pictogram.

C. Line graph.

D. Tables.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. Which of the following situations may occur if the demand for bread falls? The

A. demand for its substitutes may fall.

B. demand for bakers' services may fall.

C. price of flour may rise.

D. price of bread may increase.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. The demand curve for a commodity with zero price elasticity is

A. perfectly elastic.

B. fairly inelastic.

C. perfectly inelastic.

D. fairly elastic.

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WAEC PC 2020

1. Adam Smith defined economics as "an inquiry into the nature and causes of wealth of nations". To him economics is concerned with

2. A rightward shift in the production possibility frontier may be due to

3. Roads and electricity provided by the government are best described as

4. The following economic systems are the same except

5. Which of the following will best illustrate relative sectoral contributions to the Gross Domestic Product (GDP) of a country?

6. Which of the following situations may occur if the demand for bread falls? The

7. The demand curve for a commodity with zero price elasticity is

8. If demand is inelastic and price is raised, total revenue will

9. If at the same price, more of a commodity is bought, it indicates an increase in

10. The law of supply implies that the supply curve

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