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

an increase in the number of cattle farmers

An increase in the cash reserve ratio will:

reduce the ability of banks to create credit

Who is most likely to gain from unanticipated inflation?

holders of fixed-interest bonds

A distinguishing feature of a public limited company is that:

its shares can be traded by the general public

it cannot have more than fifty members

A high dependency ratio means that:

a large share of the population is outside the working age group

the labour force is highly skilled

Gross domestic product measures the value of goods and services produced:

within a country in a given period

by citizens of a country wherever they are

A rise in the price of a good, other things being equal, leads to:

a contraction in quantity demanded

a shift of the demand curve to the left

West African Examinations Council

WASSCE Economics · Paper 1 — Objective

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

31 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

1. Under perfect competition, the firm is a:

WASSCE Economics · Paper 1 — Objective

1. Under perfect competition, the firm is a:

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

3. The law of diminishing returns operates in the:

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

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

6. Which institution is responsible for issuing legal tender in Nigeria?

7. Which of these is excluded from the calculation of national income?

8. An increase in the cash reserve ratio will:

9. The satisfaction derived from consuming a good is called

10. Who is most likely to gain from unanticipated inflation?

11. Inflation caused by rising wages and raw material prices is called:

12. A persistent rise in the general price level is called

13. If a 10% fall in price raises quantity demanded by 20%, demand is:

14. The record of a country transactions in goods, services, income and transfers is the:

15. A distinguishing feature of a public limited company is that:

16. A country has a comparative advantage in a good when it can produce it at a lower:

17. A high dependency ratio means that:

18. The next best alternative forgone when a choice is made is known as

19. Gross domestic product measures the value of goods and services produced:

20. A rise in the price of a good, other things being equal, leads to:

21. The demand for a good with no close substitutes is likely to be:

22. A market is in equilibrium when

23. The main function of a central bank is to:

24. The real cost of a choice, measured as the next best alternative given up, is called:

25. Value added tax is an example of a:

26. The main reason for the low income of many Nigerian farmers is:

27. Which of these is NOT a function of money?

28. The fundamental economic problem arises because human wants are:

29. A tax that takes a larger proportion of income as income rises is:

30. Other things being equal, a rise in the price of a normal good will

31. A country whose population is below the level that would maximise output per head is:

Reading these is not the same as sitting them.