Year :
2021
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
11 - 20 of 50 Questions
| # | Question | Ans |
|---|---|---|
| 11. |
The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply_________ A. Unitary elastic. B. Perfectly inelastic. C. Fairly elastic. D. Inelastic. |
C |
| 12. |
The leftward shift in the supply curve for a commodity indicates_________ A. An increase in quantity supplied B. A decrease in supply. C. A reduction in quantity supplied. D. An increase in supply. Detailed SolutionA leftward or an inward shift in the supply curve means a decrease in supply. When the supply curve shifts to the left, it causes prices to rise and the quantity to decrease. |
|
| 13. |
Market supply may increase if there is an increase in the________ A. Price of the product B. Prices of factors of production. C. Tax paid on raw materials D. Subsidies on raw materials. |
A |
| 14. |
Government can increase farmers' incomes by__________ A. Fixing maximum prices. B. Fixing minimum prices. C. Encouraging them to produce surplus output. D. Increasing taxes on inputs. |
B |
| 15. |
When market supply increases , the equilibrium price_________ A. Rises and quantity falls. B. Falls and quantity rises. C. And quantity increase D. And quantity fall. |
B |
| 16. |
The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50? A. $1.50 B. $15.00 C. $150.03 D. $166.67 |
B |
| 17. |
The output of an extra unit of an input is referred to as________ A. Output of the input. B. Marginal product of the input C. Average product of the input D. Utility of the input employed Detailed SolutionThe marginal product of an input is the extra output that results from adding one unit of the input to the existing combination of productive factors. |
|
| 18. |
The law of diminishing returns is applicable to the__________ A. fixed inputs of production. B. variable factors of production. C. plants and machinery of the firm. D. equipment and other capital. |
B |
|
A firm incurred the following costs in production. Use the information in the table to answer the question below. |
||
| 19. |
The fixed cost of production is___________ A. $I00. B. $200. C. $300. D. $600 |
A |
| 20. |
The average cost of producing 40 bags of rice is_____ A. $10 B. $11 C. $60. D. $80 |
B |
| 11. |
The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply_________ A. Unitary elastic. B. Perfectly inelastic. C. Fairly elastic. D. Inelastic. |
C |
| 12. |
The leftward shift in the supply curve for a commodity indicates_________ A. An increase in quantity supplied B. A decrease in supply. C. A reduction in quantity supplied. D. An increase in supply. Detailed SolutionA leftward or an inward shift in the supply curve means a decrease in supply. When the supply curve shifts to the left, it causes prices to rise and the quantity to decrease. |
|
| 13. |
Market supply may increase if there is an increase in the________ A. Price of the product B. Prices of factors of production. C. Tax paid on raw materials D. Subsidies on raw materials. |
A |
| 14. |
Government can increase farmers' incomes by__________ A. Fixing maximum prices. B. Fixing minimum prices. C. Encouraging them to produce surplus output. D. Increasing taxes on inputs. |
B |
| 15. |
When market supply increases , the equilibrium price_________ A. Rises and quantity falls. B. Falls and quantity rises. C. And quantity increase D. And quantity fall. |
B |
| 16. |
The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50? A. $1.50 B. $15.00 C. $150.03 D. $166.67 |
B |
| 17. |
The output of an extra unit of an input is referred to as________ A. Output of the input. B. Marginal product of the input C. Average product of the input D. Utility of the input employed Detailed SolutionThe marginal product of an input is the extra output that results from adding one unit of the input to the existing combination of productive factors. |
|
| 18. |
The law of diminishing returns is applicable to the__________ A. fixed inputs of production. B. variable factors of production. C. plants and machinery of the firm. D. equipment and other capital. |
B |
|
A firm incurred the following costs in production. Use the information in the table to answer the question below. |
||
| 19. |
The fixed cost of production is___________ A. $I00. B. $200. C. $300. D. $600 |
A |
| 20. |
The average cost of producing 40 bags of rice is_____ A. $10 B. $11 C. $60. D. $80 |
B |