WAEC Economics Past Questions & Answers - Page 57

281.

Which of the following is an implication of a large population?

A.

Decrease in crime rate

B.

Increase in food supply

C.

Decrease in standard of living

D.

Decrease in cost of living

Correct answer is C

A high population means more problems with the distribution of wealth and resources. Problems with food security as pressure on the land due to larger population Increases. Increased pressure on the forest covered area which leads to deforestation. This wll affect the living standard of people with many scampering for the limited available resources

282.

A civil engineer who accepts to teach elementary science in a primary school because he cannot get a paid engineering job is an example of?

A.

Structural unemployment

B.

Disguised unemployment

C.

Residual unemployment

D.

Frictional unemployment

Correct answer is A

Structural unemployment is a form of involuntary unemployment caused by a mismatch between the skills that workers in the economy can offer, and the skills demanded of workers by employers. Structural unemployment is often brought about by technological changes that make the job skills of many workers obsolete.

it is simply unemployment caused by a mismatch between jobs and skills, or other long-term changes in the economy.

283.

The total number of people of working age who are willing and prepared to work at a given wage rate is the

A.

Labour force

B.

Supply of labour

C.

Demand of labour

D.

Occupational demand for labour

Correct answer is A

The labour force is defined simply as the people who are willing and able to work. The size of the labour force is used to determine the unemployment rate.The percentage of the unemployed in the labour force is called the unemployment rate.

The labour force is the sum of persons in employment plus persons in unemployment. Together these two groups of the population represent the current supply of labour for the production of goods and services taking place in a country through market transactions in exchange for remuneration.

284.

If a state owned firm is sold through the stock market, the organisation becomes?

A.

Partnership

B.

Private company

C.

Public limited company

D.

Public corporation

Correct answer is C

A state-owned enterprise (SOE) is a business enterprise where the government or state has significant control through full, majority, or significant minority ownership. Defining characteristics of SOEs are their distinct legal form and operation in commercial affairs and activities. When a state owned stocks are traded in the stock exchange, they become a public limited company.

285.

Equity shares form the bulk of the capital of a

A.

Private firm

B.

Public company

C.

Statutory company

D.

Limited partnership

Correct answer is B

An equity share, commonly referred to as ordinary share also   represents the form of fractional or part ownership in which a shareholder, as a fractional owner, undertakes the maximum entrepreneurial risk associated with a business venture. The holders of such shares are members of the company and have voting rights. This is mainly associated with a public limited liability company