BIOLOGY LESSON NOTE ON HUMAN KIDNEY
Introduction
Economics is a social science subject in WAEC that studies how individuals, firms, and governments allocate scarce resources to satisfy unlimited wants. It covers topics such as demand and supply, production, market structures, national income, money, banking, inflation, and international trade. This post provides 100 WAEC-standard objective questions and answers to help students prepare effectively for examination success.
Instruction: Choose the correct option A–D.
Economics is the study of
A. money only B. scarce resources C. animals D. government only
Answer: B
Scarcity means
A. unlimited resources B. limited resources C. no wants D. free goods
Answer: B
Choice arises because of
A. scarcity B. abundance C. wealth D. inflation
Answer: A
Opportunity cost is
A. total cost B. highest valued alternative forgone C. money cost D. fixed cost
Answer: B
Free goods are
A. scarce B. abundant and free C. expensive D. limited
Answer: B
Economic goods are
A. free B. scarce and valuable C. useless D. natural only
Answer: B
Scale of preference is
A. list of wants in order of importance B. price list C. income list D. demand list
Answer: A
Factors of production include land, labour, capital and
A. money B. entrepreneur C. goods D. trade
Answer: B
Labour refers to
A. machines B. human effort C. land D. capital
Answer: B
Land in economics includes
A. only soil B. natural resources C. buildings only D. money
Answer: B
Capital refers to
A. natural resources B. man-made goods used for production C. labour D. land
Answer: B
The reward for land is
A. wage B. rent C. interest D. profit
Answer: B
The reward for labour is
A. profit B. wage C. rent D. tax
Answer: B
The reward for capital is
A. interest B. rent C. wage D. subsidy
Answer: A
The reward for entrepreneur is
A. wage B. profit C. rent D. tax
Answer: B
Microeconomics studies
A. economy as a whole B. individual units C. government only D. international trade only
Answer: B
Macroeconomics studies
A. individuals B. economy as a whole C. firms only D. consumers only
Answer: B
Utility means
A. price B. satisfaction C. cost D. supply
Answer: B
A market is
A. shop only B. place where buyers and sellers interact C. factory D. bank
Answer: B
Demand refers to
A. desire only B. desire backed with ability to pay C. supply D. production
Answer: B
Law of demand states that as price increases, demand
A. increases B. decreases C. remains constant D. doubles
Answer: B
Law of supply states that as price increases, supply
A. decreases B. increases C. remains constant D. stops
Answer: B
A demand curve slopes
A. upward B. downward C. vertical D. horizontal
Answer: B
A supply curve slopes
A. downward B. upward C. flat D. zigzag
Answer: B
A substitute good is
A. complementary B. alternative good C. free good D. luxury only
Answer: B
Complementary goods are used
A. separately B. together C. never D. randomly
Answer: B
Elasticity of demand measures
A. price change B. responsiveness of demand to price C. supply only D. cost
Answer: B
If demand is elastic, consumers are
A. not responsive B. highly responsive C. indifferent D. fixed
Answer: B
Inelastic demand means
A. no change B. little change in demand C. high change D. zero supply
Answer: B
A normal good is one whose demand
A. falls as income rises B. rises as income rises C. never changes D. disappears
Answer: B
Inferior goods are demanded more when income
A. increases B. decreases C. stays same D. doubles
Answer: B
A shift in demand is caused by
A. price only B. non-price factors C. supply only D. tax only
Answer: B
Movement along demand curve is caused by
A. income B. price change C. population D. taste
Answer: B
Excess demand occurs when
A. supply > demand B. demand > supply C. supply = demand D. no demand
Answer: B
Excess supply occurs when
A. demand > supply B. supply > demand C. demand = supply D. no supply
Answer: B
Equilibrium price is where
A. demand = supply B. demand > supply C. supply > demand D. no trade
Answer: A
A price ceiling is
A. minimum price B. maximum price C. average price D. market price
Answer: B
A price floor is
A. maximum price B. minimum price C. free price D. zero price
Answer: B
Subsidy is
A. tax B. government payment to producers C. loan D. interest
Answer: B
Tax increases usually
A. increase demand B. reduce demand C. increase supply D. no effect
Answer: B
Production is
A. consumption B. creation of goods and services C. distribution only D. exchange only
Answer: B
Division of labour increases
A. inefficiency B. efficiency C. unemployment D. poverty
Answer: B
Specialization means
A. doing many jobs B. focusing on one job C. no job D. random work
Answer: B
Smallest unit of production is
A. firm B. industry C. market D. country
Answer: A
Total output divided by labour is
A. inflation B. productivity C. demand D. cost
Answer: B
Fixed cost is
A. changes with output B. does not change with output C. zero cost D. variable cost
Answer: B
Variable cost changes with
A. population B. output C. price D. tax
Answer: B
Total cost =
A. fixed + variable cost B. price + tax C. demand + supply D. profit + loss
Answer: A
A monopoly is a market with
A. many sellers B. one seller C. two sellers D. no sellers
Answer: B
Perfect competition has
A. one seller B. many sellers C. no buyers D. government only
Answer: B
Oligopoly is a market with
A. one seller B. few sellers C. many buyers D. no buyers
Answer: B
Monopoly price is usually
A. low B. high C. zero D. negative
Answer: B
Market structure refers to
A. population B. type of market organization C. weather D. geography
Answer: B
Profit is
A. revenue - cost B. cost - revenue C. tax + cost D. price only
Answer: A
Revenue is
A. total income from sales B. cost of production C. tax only D. loss
Answer: A
Average cost is
A. total cost/output B. profit/output C. price/output D. tax/output
Answer: A
Break-even point is where
A. profit is maximum B. no profit no loss C. loss is maximum D. cost is zero
Answer: B
Entrepreneurship involves
A. labour only B. risk-taking and organization C. land only D. capital only
Answer: B
Capital intensive production uses
A. more labour B. more machines C. no machines D. no labour
Answer: B
Labour intensive uses
A. machines only B. more labour C. no labour D. capital only
Answer: B
Money is
A. goods B. medium of exchange C. land D. labour
Answer: B
One function of money is
A. storage of value B. destruction of goods C. production D. taxation
Answer: A
Inflation means
A. fall in prices B. rise in general price level C. no change D. zero prices
Answer: B
Deflation is
A. rise in prices B. fall in prices C. stable prices D. no money
Answer: B
Central Bank controls
A. population B. money supply C. weather D. trade only
Answer: B
Commercial banks accept
A. animals B. deposits C. land D. labour
Answer: B
Interest is payment for
A. land B. capital C. labour D. tax
Answer: B
Inflation reduces
A. purchasing power B. population C. trade D. production only
Answer: A
Bank rate is
A. tax rate B. interest charged by central bank C. salary rate D. exchange rate
Answer: B
Demand for money depends on
A. taste only B. income and price level C. weather D. land
Answer: B
Government revenue is mainly from
A. tax B. rain C. population D. land
Answer: A
Tax is
A. voluntary payment B. compulsory payment C. loan D. gift
Answer: B
Direct tax is paid by
A. seller B. buyer C. taxpayer directly D. government
Answer: C
Indirect tax is included in
A. salary B. price of goods C. land D. labour
Answer: B
Budget is
A. weather plan B. income and expenditure plan C. market price D. demand list
Answer: B
Trade is
A. production only B. exchange of goods and services C. saving only D. investment only
Answer: B
Export means
A. buying from abroad B. selling to abroad C. local trade D. storage
Answer: B
Import means
A. selling abroad B. buying from abroad C. production D. saving
Answer: B
Balance of trade is
A. exports - imports B. imports - exports C. tax - subsidy D. profit - loss
Answer: A
Trade barrier includes
A. subsidy B. tariff C. demand D. supply
Answer: B
Tariff is
A. tax on imports B. subsidy C. wage D. profit
Answer: A
Exchange rate is
A. price of goods B. price of currency C. tax rate D. interest rate
Answer: B
Economic development means
A. fall in income B. improvement in living standard C. unemployment D. inflation only
Answer: B
Economic growth refers to
A. increase in population B. increase in output C. decrease in trade D. poverty
Answer: B
GDP stands for
A. Gross Domestic Product B. General Demand Price C. Global Development Plan D. Gross Debt Profit
Answer: A
Inflation harms
A. creditors B. debtors C. consumers D. producers
Answer: C
Savings is
A. income spent B. income not spent C. tax D. profit
Answer: B
Investment is
A. spending on production B. saving only C. tax payment D. consumption
Answer: A
Poverty means
A. high income B. low income C. trade surplus D. inflation
Answer: B
Unemployment means
A. no jobs B. no money C. no trade D. no production
Answer: A
Population growth affects
A. demand only B. supply and demand C. tax only D. weather
Answer: B
Rural-urban migration is movement from
A. cities to villages B. villages to cities C. countries D. continents
Answer: B
Economic system includes
A. market only B. how resources are allocated C. weather D. land
Answer: B
Mixed economy has
A. government only B. private and government sectors C. no government D. no firms
Answer: B
Traditional economy is based on
A. customs B. technology C. money only D. trade only
Answer: A
Capitalism is
A. government control B. private ownership C. no ownership D. trade only
Answer: B
Socialism is
A. private ownership B. government ownership C. no production D. barter only
Answer: B
Barter system is
A. exchange of goods for goods B. money system C. banking D. taxation
Answer: A
Double coincidence of wants is problem of
A. money system B. barter system C. banking D. inflation
Answer: B
Economics is important because it helps in
A. wasting resources B. efficient use of resources C. inflation D. unemployment
Answer: B
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