In population studies, net migration is:

the difference between the number entering a country and the number leaving it

the official counting of a country's people at a fixed date

the ratio of those outside the working age group to those within it

the number of live births per thousand of the population in a year

The dependency ratio of a country is the ratio of the:

population outside the working age group to the population within it

unemployed population to the employed population

rural population to the urban population

female population to the male population

What is income elasticity of demand?

the responsiveness of quantity demanded to a change in the consumer's income

demand whose coefficient is exactly one, so total revenue does not change with price

demand that does not change at all whatever the price, drawn as a vertical line

demand whose coefficient exceeds one, so revenue rises when price is cut

A tariff differs from a quota in that a tariff:

raises revenue for the government while a quota does not

limits the quantity of imports while a quota raises their price

applies only to exports while a quota applies to imports

is imposed by an exporting country while a quota is imposed by an importing country

In agricultural economics, subsistence farming is:

farming that produces mainly for the household, with little surplus sold

a store of produce built up in good years and released in bad ones to steady the price

farming that produces mainly for sale, usually on a larger scale and with more capital

a body that buys a crop at an announced price to shield farmers from world price swings

What is open market operations?

the buying and selling of government securities to change the money supply

issuing legal tender and acting as banker to the government and to other banks

accepting deposits from the public and lending them out, creating credit in the process

providing medium and long-term finance and advice to companies rather than to the public

In agricultural economics, commercial farming is:

farming that produces mainly for sale, usually on a larger scale and with more capital

the service that carries research findings to the farmer and the farmer's problems back

a store of produce built up in good years and released in bad ones to steady the price

the splitting of holdings into small scattered plots by inheritance, blocking mechanisation

West African Examinations Council

WASSCE Economics · Paper 1 — Objective

Multiple-choice. This is the paper the CBT simulator practises.

40 of 214 exam-style questions, written to the West African Examinations Council format and free to read. The answers are here too — what they do not tell you is how many you would get right with a clock running.

Sit this paper timed All WASSCE Economics papers

Given that a country's Gross National Product is ₦80 trillion and its capital consumption allowance is ₦6 trillion, its Net National Product is:

Given that a country's Gross National Product is ₦80 trillion and its capital consumption allowance is ₦6 trillion, its Net National Product is:

2. Which term describes the value of all goods and services produced WITHIN a country in a year?

3. Which market structure is characterised by a single BUYER facing many sellers, able to press the price down?

4. In population studies, net migration is:

5. Which is responsible for issuing legal tender and acting as banker to the government and to other banks?

6. The dependency ratio of a country is the ratio of the:

7. Which term describes a budget in which planned expenditure exceeds expected revenue?

8. Which factor of production earns wages?

9. Under perfect competition, the firm is a:

10. What is income elasticity of demand?

11. Which form of business organisation is characterised by limited liability with shares offered to the public and accounts published each year?

12. The reward to the factor of production known as enterprise is:

13. Which is described as demand whose coefficient exceeds one, so revenue rises when price is cut?

14. A tariff differs from a quota in that a tariff:

15. In agricultural economics, subsistence farming is:

16. Which is described as aggregate demand growing faster than the output available to meet it?

17. Which factor of production earns interest?

18. Which term describes the ratio of those outside the working age group to those within it?

19. What is open market operations?

20. In agricultural economics, commercial farming is:

21. The law of diminishing returns operates in the:

22. Which term describes a budget in which expected revenue exceeds planned expenditure?

23. In economics, utility is:

24. Which market structure is characterised by a few large sellers, each having to weigh how the others will respond?

25. What is legal tender?

26. Which term describes a good so abundant that nothing is given up to obtain it?

27. In economics, scarcity is:

28. Which term describes the rule that a rise in price extends the quantity offered for sale, other things being equal?

29. Which of these would shift the demand curve for beef to the right?

30. What characterises an ordinary partnership?

31. Which term describes the next best alternative given up when a choice is made?

32. Which is responsible for the share of deposits a bank must hold with the central bank rather than lend?

33. A market with one seller and no close substitute is a:

34. In national income accounting, net national product is:

35. Which term describes the number of live births per thousand of the population in a year?

36. Which term describes the difference between the number entering a country and the number leaving it?

37. Which term describes a cost that does not change with output and is paid even when nothing is produced?

38. A budget in which government expenditure exceeds government revenue is described as:

39. In international trade, a quota is:

40. What is elastic demand?

Reading these is not the same as sitting them.