1.
Theory of the firm
A firm sells 410 units at ₦250 each. Find its total revenue.
Answer: D. TR = price × quantity = 250 × 410 = ₦102,500.
WAEC GCE Economics practice questions
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The GCE is the version of the school-leaving exam for private candidates, usually held towards the end of the year. It follows the same syllabus as the May/June exam, with objective and theory papers.
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10 free sample questions
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2.
Consumption and savings
A household earns ₦190,000 and spends ₦171,000 on consumption. Find its average propensity to consume.
Answer: C. APC = consumption ÷ income = 171,000 ÷ 190,000 = 0.9.
3.
Elasticity
When the price of a good rose from ₦1,500 to ₦1,800, quantity demanded fell from 800 to 640 units. Find the price elasticity of demand.
Answer: C. PED = % change in quantity ÷ % change in price = 20% ÷ 20% = 1 (ignoring the minus sign).
4.
Basic concepts
In Economics, a quota is best described as
Answer: C. A quota: a limit on the quantity of a good that may be imported.
5.
National income
If the marginal propensity to consume is 0.6, find the value of the multiplier.
Answer: C. Multiplier = 1 ÷ (1 − MPC) = 1 ÷ 0.4 = 2.5.
6.
Money
Inflation is
Answer: A. Inflation is a sustained increase in the general level of prices.
7.
Demand
According to the law of demand, when price rises the quantity demanded
Answer: B. Other things equal, higher prices reduce the quantity demanded.
8.
Production
Land, labour, capital and ___ are the factors of production.
Answer: B. The entrepreneur organises the other three factors.
9.
Market structures
A market with only one seller is called
Answer: A. "Mono" means one: a single seller controls supply.
10.
Theory of the firm
A firm has total revenue of ₦55,100 and total cost of ₦22,900. Find its profit (a loss is shown as negative).
Answer: C. Profit = TR − TC = 55,100 − 22,900 = ₦32,200.
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Questions in the MyGradePrep bank for each topic.
| Topic | Questions |
|---|---|
| Theory of the firm | 240 |
| National income | 187 |
| Costs and revenue | 120 |
| Consumption and savings | 62 |
| Basic concepts | 61 |
| Production | 61 |
| Elasticity | 61 |
| Money and inflation | 60 |
| Population and labour | 60 |
| Demand and supply | 60 |
| Price index | 60 |