WAEC Economics questions

367 questions with answers and explanations. Tap an option to check yourself.

1. Question 261· The labour market· WAEC

   Frictional unemployment occurs when

   • Ademand falls in recession
   • Bworkers are between jobs
   • Cmachines replace workers
   • Dseasons change

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2. Question 262· The labour market· WAEC

   Unemployment that occurs because workers lack the skills needed for available jobs is

   • Astructural unemployment
   • Bseasonal unemployment
   • Cfrictional unemployment
   • Dcyclical unemployment

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3. Question 263· The labour market· WAEC

   Collective bargaining is negotiation between

   • Agovernment and foreign countries
   • Bbuyers and sellers in a market
   • Cemployers and trade unions over pay and conditions
   • Dbanks and borrowers

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4. Question 264· The labour market· WAEC

   A factory sends its workers on regular training courses. This mainly raises the

   • Asupply of land
   • Befficiency of labour
   • Cprice of output
   • Drate of interest

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5. Question 265· The labour market· WAEC

   A trade union mainly aims to

   • Apay taxes for workers
   • Bfix the prices of goods
   • Clend money to firms
   • Dimprove the wages and working conditions of its members

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6. Question 266· The labour market· WAEC

   Disguised unemployment is common in

   • Amanufacturing
   • Bbanking
   • Csubsistence agriculture
   • Doil drilling

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7. Question 267· The labour market· WAEC

   If the government fixes a minimum wage above the market wage, the likely result is

   • Aa fall in wages
   • Ba shortage of labour
   • Cno change in employment
   • Da surplus of labour (unemployment)

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8. Question 268· The labour market· WAEC

   The efficiency of labour can be improved by

   • Areducing wages
   • Btraining and education
   • Clonger hours without rest
   • Dremoving tools

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9. Question 269· The labour market· WAEC

   Mobility of labour refers to

   • Athe number of workers
   • Bthe ease with which workers change jobs or places
   • Cthe wage rate
   • Dtrade union membership

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10. Question 270· The labour market· WAEC

    Trade unions try to raise wages through

    • Acollective bargaining
    • Bprice control
    • Cprinting money
    • Dexporting goods

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11. Question 271· The labour market· WAEC

    Unemployment caused by a fall in demand in the economy as a whole is

    • Africtional unemployment
    • Bvoluntary unemployment
    • Cseasonal unemployment
    • Dcyclical unemployment

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12. Question 272· Theory of consumer behaviour· WAEC

    Consumer surplus is the

    • Adifference between what a consumer is willing to pay and what he actually pays
    • Btax paid
    • Cproducer's profit
    • Dtotal expenditure

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13. Question 273· Theory of consumer behaviour· WAEC

    MU of the last unit of bread is 20 and its price is ₦10. MU of the last unit of milk is 30 at ₦20. To maximise satisfaction the consumer should buy

    • Aneither good
    • Bmore milk and less bread
    • Cthe same amounts
    • Dmore bread and less milk

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14. Question 274· Theory of consumer behaviour· WAEC

    Total utility is maximum when marginal utility is

    • Arising
    • Bmaximum
    • Cnegative
    • Dzero

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15. Question 275· Theory of consumer behaviour· WAEC

    A consumer gets more satisfaction per naira from rice than from beans. To maximise satisfaction, she should

    • Abuy more beans and less rice
    • Bbuy more rice and less beans
    • Cstop buying rice
    • Dbuy equal amounts

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16. Question 276· Theory of consumer behaviour· WAEC

    Musa enjoys his first bottle of water after a long walk more than his third. This illustrates

    • Aopportunity cost
    • Bconsumer surplus
    • Cthe law of supply
    • Ddiminishing marginal utility

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17. Question 277· Theory of consumer behaviour· WAEC

    A consumer is in equilibrium when

    • Atotal utility is zero
    • Ball income is saved
    • Cmarginal utility is rising
    • Dthe ratio of marginal utility to price is equal for all goods

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18. Question 278· Theory of consumer behaviour· WAEC

    Utility in economics means

    • Athe satisfaction derived from consuming a good
    • Bthe price of a good
    • Cthe cost of producing a good
    • Dthe usefulness of money only

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19. Question 279· Theory of consumer behaviour· WAEC

    The law of diminishing marginal utility states that as more units of a commodity are consumed, the

    • Atotal utility falls at once
    • Bmarginal utility rises
    • Cprice of the commodity rises
    • Dadditional satisfaction from each extra unit falls

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20. Question 280· Theory of consumer behaviour· WAEC

    The total satisfaction from 3 loaves is 30 units and from 4 loaves is 36 units. The marginal utility of the 4th loaf is

    • A9 units
    • B36 units
    • C6 units
    • D30 units

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    Explanation and discussion