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w economics 21

Written by Admin October 25, 2025October 25, 2025

Economics waec 21

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Question 1 of 50

1. Question

A country may be able to earn more from exports if she_____________

increase her export duty
Correct Incorrect Correct answer

devalues her currency
Correct Incorrect Correct answer

increases her import duty
Correct Incorrect Correct answer

allows her currency to appreciate
Correct Incorrect Correct answer

Correct

Incorrect
Question 2 of 50

2. Question

The standard of living in two countries can be compared using the___________

number of industries in each country
Correct Incorrect Correct answer

size of their arms and ammunition
Correct Incorrect Correct answer

size of their national incomes only
Correct Incorrect Correct answer

gross national product per head
Correct Incorrect Correct answer

Correct

Incorrect
Question 3 of 50

3. Question

Demand-pull inflation can be as a result of___________

increase in the cost of production.
Correct Incorrect Correct answer

excessive supply of foodstuff
Correct Incorrect Correct answer

deficit financing by the government.
Correct Incorrect Correct answer

increase in import duties.
Correct Incorrect Correct answer

Correct

Incorrect
Question 4 of 50

4. Question

A floating exchange rate means that the exchange rate is fixed by the __________

Central bank of the country
Correct Incorrect Correct answer

Forces of demand and supply
Correct Incorrect Correct answer

International monetary fund (IMF)
Correct Incorrect Correct answer

Ministry of Finance
Correct Incorrect Correct answer

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Incorrect
Question 5 of 50

5. Question

Which of the following is not an argument for the policy of privatization in West Africa?

To make businesses more profitable
Correct Incorrect Correct answer

Government is able to participate and control the operation of the privatized businesses
Correct Incorrect Correct answer

Members of the public are able to acquire shares
Correct Incorrect Correct answer

It encourages the inflow of capital and expertise from local and foreign sources
Correct Incorrect Correct answer

Correct

Incorrect
Question 6 of 50

6. Question

When a commodity market operates without government interference, commodities are distributed through_______

A government distribution agencies.
Correct Incorrect Correct answer

The operation of price mechanism.
Correct Incorrect Correct answer

A central planning committee
Correct Incorrect Correct answer

Retailers only.
Correct Incorrect Correct answer

Correct

Incorrect
Question 7 of 50

7. Question

By passing the middlemen in the chain of distribution can lead to _________

a problem of unemployment of labour
Correct Incorrect Correct answer

the creation of artificial scarcity
Correct Incorrect Correct answer

high prices of goods and services
Correct Incorrect Correct answer

an increase in government tax revenue
Correct Incorrect Correct answer

Correct

Incorrect
Question 8 of 50

8. Question

Two factors which can improve the efficiency of labour are_________

population size and age of retirement
Correct Incorrect Correct answer

school leaving age and number of disabled workers
Correct Incorrect Correct answer

work environment and health status of workers
Correct Incorrect Correct answer

school leaving age and number of part-time workers
Correct Incorrect Correct answer

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Question 9 of 50

9. Question

The following data relates to the national income of a country.
Gross domestic product = $2800
Net factor income from abroad = $250
Depreciation = $700
Indirect taxes = $120

What is the country's Gross National (GNP)?

3.05
Correct Incorrect Correct answer

2.68
Correct Incorrect Correct answer

2350
Correct Incorrect Correct answer

2100
Correct Incorrect Correct answer

Correct

Incorrect
Question 10 of 50

10. Question

In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on_______

Textile materials with elastic demand
Correct Incorrect Correct answer

Alcoholic beverages with inelastic demand
Correct Incorrect Correct answer

Agricultural products with inelastic supply
Correct Incorrect Correct answer

Luxury goods with elastic supply
Correct Incorrect Correct answer

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Incorrect
Question 11 of 50

11. Question

$I00
Correct Incorrect Correct answer

200
Correct Incorrect Correct answer

300
Correct Incorrect Correct answer

600
Correct Incorrect Correct answer

Correct

Incorrect
Question 12 of 50

12. Question

The distinguishing function of an entrepreneur is_______

Planning.
Correct Incorrect Correct answer

Control.
Correct Incorrect Correct answer

Risk-bearing.
Correct Incorrect Correct answer

Management.
Correct Incorrect Correct answer

Correct

Incorrect
Question 13 of 50

13. Question

Market supply may increase if there is an increase in the________

Price of the product
Correct Incorrect Correct answer

Prices of factors of production.
Correct Incorrect Correct answer

Tax paid on raw materials
Correct Incorrect Correct answer

Subsidies on raw materials.
Correct Incorrect Correct answer

Correct

Incorrect
Question 14 of 50

14. Question

The age distribution of a country's population is shown below. Use the information is answer the question below.

Age group (YEARS)

Population

0 - 15

16 - 40

41 - 60

Over 60

30%

45%

15%

10%

What is the dependency ratio?

2:3
Correct Incorrect Correct answer

3:2
Correct Incorrect Correct answer

1:2
Correct Incorrect Correct answer

6:1
Correct Incorrect Correct answer

Correct

Incorrect
Question 15 of 50

15. Question

The age distribution of a country's population is shown below. Use the information is answer the question below.

Age group (YEARS)

Population

0 - 15

16 - 40

41 - 60

Over 60

30%

45%

15%

10%

What is the percentage of the working population?

0.75
Correct Incorrect Correct answer

0.6
Correct Incorrect Correct answer

0.45
Correct Incorrect Correct answer

0.15
Correct Incorrect Correct answer

Correct

Incorrect
Question 16 of 50

16. Question

One way of obtaining the median of a given data is to__________

Sum the value and divide by the number of items.
Correct Incorrect Correct answer

Arrange the data in ascending order and subtract each item from the mean.
Correct Incorrect Correct answer

Arrange the data in descending order and add each item to the least.
Correct Incorrect Correct answer

Arrange the data in either ascending or descending order and find what item divides the set in two equal parts.
Correct Incorrect Correct answer

Correct

Incorrect
Question 17 of 50

17. Question

The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

1.5
Correct Incorrect Correct answer

15
Correct Incorrect Correct answer

150.03
Correct Incorrect Correct answer

166.67
Correct Incorrect Correct answer

Correct

Incorrect
Question 18 of 50

18. Question

The study of economics IS Important to every society because it______

Enables individuals to satisfy all their wants
Correct Incorrect Correct answer

Helps in the utilization of scarce resources
Correct Incorrect Correct answer

Helps producers to know what to produce.
Correct Incorrect Correct answer

Restores equilibrium between producers and consumers
Correct Incorrect Correct answer

Correct

Incorrect
Question 19 of 50

19. Question

Abundant natural resources do not contribute to economic growth in developing countries because of_________

high rate of inflation
Correct Incorrect Correct answer

urban congestion.
Correct Incorrect Correct answer

over-reliance on multiple commodities.
Correct Incorrect Correct answer

mismanagement and corruption.
Correct Incorrect Correct answer

Correct

Incorrect
Question 20 of 50

20. Question

The following data relates to the national income of a country.
Gross domestic product = $2800
Net factor income from abroad = $250
Depreciation = $700
Indirect taxes = $120

What is the country's Net National Product (NNP) at factor cost?

3.05
Correct Incorrect Correct answer

2680
Correct Incorrect Correct answer

2230
Correct Incorrect Correct answer

2.22
Correct Incorrect Correct answer

Correct

Incorrect
Question 21 of 50

21. Question

Examples of land that are non-renewable include___________

marshy and water-logged land.
Correct Incorrect Correct answer

farmland already used tor many years.
Correct Incorrect Correct answer

some natural resources such as natural gas.
Correct Incorrect Correct answer

oxygen and carbon dioxide in the atmosphere
Correct Incorrect Correct answer

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Question 22 of 50

22. Question

10
Correct Incorrect Correct answer

11
Correct Incorrect Correct answer

60
Correct Incorrect Correct answer

80
Correct Incorrect Correct answer

Correct

Incorrect
Question 23 of 50

23. Question

A measure that can be adopted to correct a country 's balance of payments deficit is ____________

Allow the currency to appreciate to encourage imports.
Correct Incorrect Correct answer

Allow the currency to depreciate to encourage imports
Correct Incorrect Correct answer

Adopt import substitution strategy
Correct Incorrect Correct answer

Restrict trade with all countries
Correct Incorrect Correct answer

Correct

Incorrect
Question 24 of 50

24. Question

Records of a country's invisible trade are recorded in her_____________-

Trade account.
Correct Incorrect Correct answer

Capital account.
Correct Incorrect Correct answer

Current account
Correct Incorrect Correct answer

Financial account.
Correct Incorrect Correct answer

Correct

Incorrect
Question 25 of 50

25. Question

When a government cuts down her expenditure to reduce inflation, she has embarked on___________

A restrictive Fiscal policy.
Correct Incorrect Correct answer

An expansionary monetary policy.
Correct Incorrect Correct answer

Physical policy.
Correct Incorrect Correct answer

Implementing budget deficit
Correct Incorrect Correct answer

Correct

Incorrect
Question 26 of 50

26. Question

The output of an extra unit of an input is referred to as________

Output of the input.
Correct Incorrect Correct answer

Marginal product of the input
Correct Incorrect Correct answer

Average product of the input
Correct Incorrect Correct answer

Utility of the input employed
Correct Incorrect Correct answer

Correct

Incorrect
Question 27 of 50

27. Question

If a country's import bill is high, she can encourage exports by___________

Allowing her currency to depreciate
Correct Incorrect Correct answer

Allowing her currency to appreciate
Correct Incorrect Correct answer

Liberalizing importation
Correct Incorrect Correct answer

Increasing taxes on all locally produced goods
Correct Incorrect Correct answer

Correct

Incorrect
Question 28 of 50

28. Question

An increase in the rice harvest, all things being equal, may cause____________

Price to increase substantially.
Correct Incorrect Correct answer

Price to fall substantially.
Correct Incorrect Correct answer

Demand to fall substantially.
Correct Incorrect Correct answer

Farmer's incomes to be more than doubled
Correct Incorrect Correct answer

Correct

Incorrect
Question 29 of 50

29. Question

The leftward shift in the supply curve for a commodity indicates_________

An increase in quantity supplied
Correct Incorrect Correct answer

A decrease in supply.
Correct Incorrect Correct answer

A reduction in quantity supplied.
Correct Incorrect Correct answer

An increase in supply.
Correct Incorrect Correct answer

Correct

Incorrect
Question 30 of 50

30. Question

The demand for wood and labour is an example of______

Effective demand.
Correct Incorrect Correct answer

Complementary demand
Correct Incorrect Correct answer

Derived demand
Correct Incorrect Correct answer

Competitive demand
Correct Incorrect Correct answer

Correct

Incorrect
Question 31 of 50

31. Question

Separation of ownership of resources and their control is mostly found in a __________

sole proprietorship
Correct Incorrect Correct answer

partnership
Correct Incorrect Correct answer

joint stock company
Correct Incorrect Correct answer

consumer co-operative
Correct Incorrect Correct answer

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Incorrect
Question 32 of 50

32. Question

The coefficient of price elasticity of supply of land is usually____________

One
Correct Incorrect Correct answer

Greater than one
Correct Incorrect Correct answer

Zero
Correct Incorrect Correct answer

Less than one.
Correct Incorrect Correct answer

Correct

Incorrect
Question 33 of 50

33. Question

An increase in market supply is caused by the following factors except_________

An improvement in innovation and technology.
Correct Incorrect Correct answer

An increase in the price of the commodity
Correct Incorrect Correct answer

A reduction in the cost of raw materials.
Correct Incorrect Correct answer

A favourable weather condition.
Correct Incorrect Correct answer

Correct

Incorrect
Question 34 of 50

34. Question

Balance of payments and trade problems that arose after the world wars were resolved by the____________

International Bank tor Reconstruction and Development.
Correct Incorrect Correct answer

International Monetary Fund.
Correct Incorrect Correct answer

African Development Bank.
Correct Incorrect Correct answer

Organization of Petroleum Exporting Countries.
Correct Incorrect Correct answer

Correct

Incorrect
Question 35 of 50

35. Question

If a country imposes a barrier on trade, the resultant effect will be _________

a halt in buying and selling
Correct Incorrect Correct answer

high quality goods from local industries
Correct Incorrect Correct answer

an increase in the demand for locally produced goods
Correct Incorrect Correct answer

shutdown of infant industries
Correct Incorrect Correct answer

Correct

Incorrect
Question 36 of 50

36. Question

Non-economic factors that influence the location of firms include ________

the existence of required materials for production
Correct Incorrect Correct answer

availability of population of buyers
Correct Incorrect Correct answer

adequate supply of power, good road and rail network
Correct Incorrect Correct answer

the activities of politicians in deciding location of firms
Correct Incorrect Correct answer

Correct

Incorrect
Question 37 of 50

37. Question

The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply_________

Unitary elastic.
Correct Incorrect Correct answer

Perfectly inelastic.
Correct Incorrect Correct answer

Fairly elastic.
Correct Incorrect Correct answer

Inelastic.
Correct Incorrect Correct answer

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Incorrect
Question 38 of 50

38. Question

Functions of money does not include_______

store of value.
Correct Incorrect Correct answer

medium of exchange
Correct Incorrect Correct answer

standard of deferred payment.
Correct Incorrect Correct answer

general acceptability.
Correct Incorrect Correct answer

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Question 39 of 50

39. Question

The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve____

is above the average revenue curve
Correct Incorrect Correct answer

slopes down to the right and is below the AR curve.
Correct Incorrect Correct answer

and the AR curve are downward sloping and are identical.
Correct Incorrect Correct answer

is vertical while the average revenue curve is horizontal.
Correct Incorrect Correct answer

Correct

Incorrect
Question 40 of 50

40. Question

Government can increase farmers' incomes by__________

Fixing maximum prices.
Correct Incorrect Correct answer

Fixing minimum prices.
Correct Incorrect Correct answer

Encouraging them to produce surplus output.
Correct Incorrect Correct answer

Increasing taxes on inputs.
Correct Incorrect Correct answer

Correct

Incorrect
Question 41 of 50

41. Question

An increase in cash ratio by the central bank will_______

Increase the supply of money.
Correct Incorrect Correct answer

Increase banks lending
Correct Incorrect Correct answer

Encourage borrowing.
Correct Incorrect Correct answer

Reduce the supply of money.
Correct Incorrect Correct answer

Correct

Incorrect
Question 42 of 50

42. Question

A customs union is an economic grouping which has___________

free movement of factors of production
Correct Incorrect Correct answer

common tariffs against non-Members.
Correct Incorrect Correct answer

common currency for trading
Correct Incorrect Correct answer

common military defence
Correct Incorrect Correct answer

Correct

Incorrect
Question 43 of 50

43. Question

People who dispose of their assets are expected to pay ______________

value added tax
Correct Incorrect Correct answer

capital gains tax
Correct Incorrect Correct answer

expenditure tax
Correct Incorrect Correct answer

sales tax
Correct Incorrect Correct answer

Correct

Incorrect
Question 44 of 50

44. Question

The law of diminishing returns is applicable to the__________

fixed inputs of production.
Correct Incorrect Correct answer

variable factors of production.
Correct Incorrect Correct answer

plants and machinery of the firm.
Correct Incorrect Correct answer

equipment and other capital.
Correct Incorrect Correct answer

Correct

Incorrect
Question 45 of 50

45. Question

When market supply increases , the equilibrium price_________

Rises and quantity falls.
Correct Incorrect Correct answer

Falls and quantity rises.
Correct Incorrect Correct answer

And quantity increase
Correct Incorrect Correct answer

And quantity fall.
Correct Incorrect Correct answer

Correct

Incorrect
Question 46 of 50

46. Question

Government can curb inflation by_________

encouraging banks to lend for any purpose.
Correct Incorrect Correct answer

increasing her own expenditure.
Correct Incorrect Correct answer

buying treasury bills in the open market.
Correct Incorrect Correct answer

selling securities in the open market
Correct Incorrect Correct answer

Correct

Incorrect
Question 47 of 50

47. Question

The supply of land for agricultural purpose can be increased through _______

The introduction of mechanized farming
Correct Incorrect Correct answer

reclamation and irrigation
Correct Incorrect Correct answer

increase in prices of land
Correct Incorrect Correct answer

conversion of building sites to farmlands
Correct Incorrect Correct answer

Correct

Incorrect
Question 48 of 50

48. Question

A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes Is the________

Dress.
Correct Incorrect Correct answer

Jewelry.
Correct Incorrect Correct answer

Handbag and Jewelry.
Correct Incorrect Correct answer

Dress and Jewelry
Correct Incorrect Correct answer

Correct

Incorrect
Question 49 of 50

49. Question

What will be the reaction of consumers in a market if there is a fall in the price of the substitute commodity X?

Price of commodity X will increase
Correct Incorrect Correct answer

Demand for the substitute of commodity X will decrease
Correct Incorrect Correct answer

Demand for commodity X will decrease
Correct Incorrect Correct answer

Supply of both commodity X and its substitute will increase.
Correct Incorrect Correct answer

Correct

Incorrect
Question 50 of 50

50. Question

A major source of finance to the Railway Corporation in West African countries is_______

sale of shares
Correct Incorrect Correct answer

government subvention
Correct Incorrect Correct answer

trade credit
Correct Incorrect Correct answer

surplus
Correct Incorrect Correct answer

Correct

Incorrect

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