WAEC Economics Past Questions & Answers - Page 5

21.

The rate of growth of population is

A.

Initial population plus number of births and net migration

B.

The difference between birth rate and death rate

C.

Birth rate less death rate plus net migration

D.

The number of immigrants plus number of births

Correct answer is C

The rate of growth of population is generally calculated using the formula: birth rate minus death rate plus net migration. This formula takes into account the components that contribute to changes in population size over a specific period of time.

 

22.

The Net National Product (NNP) of a country is $50m while the depreciation allowance is $10m. The Gross National Product (GNP) is

A.

$40m

B.

$60m

C.

$30m

D.

$500m

Correct answer is B

GNP = NNP + Depreciation Allowance

In this case, the NNP is $50m and the depreciation allowance is $10m. Therefore, the GNP is:

GNP = $50m + $10m = $60m

23.

The malthusian theory of population is best illustrated when

A.

The size of the population and available resources are equal

B.

Both population and food supply increase at the same rate

C.

Food supply increases much faster than population growth

D.

Population increases much faster than food supply

Correct answer is D

The Malthusian theory of population is best illustrated when population increases much faster than food supply. This is because the Malthusian theory argues that population growth is exponential, while food supply growth is linear. This means that the population will eventually outgrow the food supply, leading to famine, disease, and war

 

24.

Consumers have access to a variety of goods through the activities of the

 

A.

Retailers

B.

Advertising agencies

C.

Mass media

D.

Wholesalers

Correct answer is A

Retailers are businesses that sell goods directly to consumers, whether through physical stores or online platforms. They offer a wide range of products from various manufacturers and wholesalers, making them easily accessible to consumers. Retailers create a convenient and engaging shopping experience, allowing consumers to browse, compare, and purchase goods in one location.

 

25.

When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will

A.

Increase

B.

Remain constant

C.

Decrease

D.

Turn negative

Correct answer is A

When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will increase. This is because the increase in demand will create a shortage at the current price. As a result, sellers will be able to raise prices, and the quantity traded will increase.

The equilibrium price will increase until the quantity demanded equals the quantity supplied. At this point, the market will be in equilibrium again.