Economics, 2021, WASSCE/WAEC MAY/JUNE, Exam, Paper 1 | Objectives

Paper Info

Year :

2021

Title :

Economics

Exam :

WASSCE/WAEC MAY/JUNE

Paper 1 | Objectives

31 - 40 of 50 Questions

#	Question	Ans
31.	Use this data below to answer the 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)? A. $ 3.050 B. $ 2.680 C. $ 2,350 D. $2,100	B
32.	Use this data below to answer the 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? A. $3.050 B. $2,680 C. $2,230 D. $2.220 Show Content Detailed Solution NNP at factor cost is the net money value of all the goods and services produced by residents of a country plus net factor income from abroad. Therefore NNP at FC = 2800 + 250 - (120 + 700) 3050 - 820 = 2230	C
33.	The standard of living in two countries can be compared using the___________ A. number of industries in each country B. size of their arms and ammunition C. size of their national incomes only D. gross national product per head	D
34.	Government can curb inflation by_________ A. encouraging banks to lend for any purpose. B. increasing her own expenditure. C. buying treasury bills in the open market. D. selling securities in the open market	C
35.	Functions of money does not include_______ A. store of value. B. medium of exchange C. standard of deferred payment. D. general acceptability.	D
36.	Demand-pull inflation can be as a result of___________ A. increase in the cost of production. B. deficit financing by the government. C. excessive supply of foodstuff D. increase in import duties.	A
37.	An increase in cash ratio by the central bank will_______ A. Increase the supply of money. B. Increase banks lending C. Encourage borrowing. D. Reduce the supply of money.	D
38.	When a government cuts down her expenditure to reduce inflation, she has embarked on___________ A. A restrictive Fiscal policy. B. An expansionary monetary policy. C. Physical policy. D. Implementing budget deficit	A
39.	In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on_______ A. Textile materials with elastic demand B. Alcoholic beverages with inelastic demand C. Agricultural products with inelastic supply D. Luxury goods with elastic supply	A
40.	People who dispose of their assets are expected to pay ______________ A. value added tax B. capital gains tax C. expenditure tax D. sales tax	B

31.	Use this data below to answer the 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)? A. $ 3.050 B. $ 2.680 C. $ 2,350 D. $2,100	B
32.	Use this data below to answer the 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? A. $3.050 B. $2,680 C. $2,230 D. $2.220 Show Content Detailed Solution NNP at factor cost is the net money value of all the goods and services produced by residents of a country plus net factor income from abroad. Therefore NNP at FC = 2800 + 250 - (120 + 700) 3050 - 820 = 2230	C
33.	The standard of living in two countries can be compared using the___________ A. number of industries in each country B. size of their arms and ammunition C. size of their national incomes only D. gross national product per head	D
34.	Government can curb inflation by_________ A. encouraging banks to lend for any purpose. B. increasing her own expenditure. C. buying treasury bills in the open market. D. selling securities in the open market	C
35.	Functions of money does not include_______ A. store of value. B. medium of exchange C. standard of deferred payment. D. general acceptability.	D

36.	Demand-pull inflation can be as a result of___________ A. increase in the cost of production. B. deficit financing by the government. C. excessive supply of foodstuff D. increase in import duties.	A
37.	An increase in cash ratio by the central bank will_______ A. Increase the supply of money. B. Increase banks lending C. Encourage borrowing. D. Reduce the supply of money.	D
38.	When a government cuts down her expenditure to reduce inflation, she has embarked on___________ A. A restrictive Fiscal policy. B. An expansionary monetary policy. C. Physical policy. D. Implementing budget deficit	A
39.	In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on_______ A. Textile materials with elastic demand B. Alcoholic beverages with inelastic demand C. Agricultural products with inelastic supply D. Luxury goods with elastic supply	A
40.	People who dispose of their assets are expected to pay ______________ A. value added tax B. capital gains tax C. expenditure tax D. sales tax	B