2020 Economics WAEC SSCE (School Candidates) May/June

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Economics 1 - Objective

1. Which of the following is central to the definition of Economics?
   1. Resources
   2. Wants
   3. Scarcity
   4. Capital
2. When the production possibility curve shifts outwards, the economy experiences
   1. growth.
   2. over-production.
   3. inefficient use of resources.
   4. under-production
3. Land as a factor of production is made useful through the
   1. application of| human effort.
   2. acts of nature.
   3. application of fertilizer.
   4. use of machines.
4. In a free market economy, resources are allocated through the
   1. government department
   2. price mechanism.
   3. trade union.
   4. state planning committee.
5. The diagram in figure 1 above depicts a
   1. simple bar chart
   2. complex bar chart
   3. component bar chart
   4. multiple bar chart
6. Which of the following caused the change in demand from D1D1, to D2D2?
   1. Fall in the income of consumers R
   2. Rise in the price of substitute
   3. Rise in the price of a complement
   4. Fall in the supply of commodity X
7. The curves D0D0 and S0S0 are the initial demand and supply curves respectively. What happens when government provides subsidy to producers?
   1. The supply curve will shift from S0S0 to S2S2
   2. The supply will shift from S0S0 to S1S1
   3. The demand curve will shift from D0D0 to D1D1
   4. The supply curve will shift from S1S1 to S0S0
8. In figure 4 above, YZ represents
   1. excess demand
   2. excess supply
   3. equilibrium quantity
   4. equilibrium price
9. Goods are described as inferior if their demand
   1. decreases as price falls.
   2. increases as income rises.
   3. decreases as income increases.
   4. increases as price increases.
10. A consumer is in equilibrium when
    1. his market supply is equal to his market demand.
    2. he maximizes his satisfaction from spending his income.
    3. the market is also in equilibrium.
    4. he has consumed all he wants.
11. Goods that are abundant in supply usually have low
    1. total utility.
    2. marginal utility.
    3. average utility.
    4. time utility.
12. An increase in supply means that
    1. more is sold at different prices
    2. mere is sold at the same at the same price
    3. there is a leftward shift of the supply curve.
    4. there is a movement along the supply curve.
13. If an increase in the price of crude oil led to an increase in the prices of kerosene and grease, then kerosene and grease are in
    1. joint supply.
    2. competitive supply.
    3. market supply.
    4. composite supply,
14. A seller increased the quantity he offered for sale from 200 units to 250 units when price of his product increased by 12.5%. What is the price elasticity of supply of his product?
    1. 2.00
    2. 1.50
    3. 1.00
    4. 0.50
15. [an increase in the supply of beef in- creased the supply of hides, then beef and hides are in
    1. competitive supply.
    2. Joint supply.
    3. composite supply.
    4. joint demand.
16. If a beef market is in equilibrium at S4.00 per kg, an increase in price to $6.00 per kg may cause
    1. surplus in the market.
    2. shortage in the market
    3. black market to come into operation.
    4. rationing to be introduced.
17. A large firm may experience diseconomies of scale if there is
    1. difficulty in coordinating decisions.
    2. division of labour in production.
    3. employment of more specialists.
    4. decrease in the cost of production.
18. Increasing returns to scale suggests that
    1. a firm can make profit by reducing output.
    2. a firm can make more profit by increasing output.
    3. as the producer reduces the quantity of raw materials used, the marginal product will double.
    4. as the producer increases the quantity of raw materials used, the marginal product will fall.
19. One feature of the average fixed cost is that it
    1. falls continuously but is never equal to zero.
    2. is U — shaped and intersects the Y — axis.
    3. rises and falls faster than the marginal cost.
    4. is always higher than the average variable cost.
20. If the average fixed cost (AFC) of producing 5 bags of rice is $20.00, the average fixed cost of producing 10 bags will be
    1. $2.00
    2. $4.00
    3. $10.00
    4. $20.00
21. What is the unit price of the firm’s output?
    1. $10.00
    2. $2.70
    3. $2.00
    4. $1.70
22. What is the firm’s marginal revenue?
    1. $153.00
    2. $17.00
    3. $1.70
    4. $0.80
23. Organization and entrepreneurship are vested in different persons in a
    1. cooperative society.
    2. sole proprietorship.
    3. partnership
    4. public company.
24. The public sector in a mixed economy is not always efficient because of
    1. bureaucratic practices
    2. the desire to make huge profit
    3. annual planning of activities
    4. the activities of shareholders
25. Which function of the wholesaler enables him to stabilize prices?
    1. Warehousing goods
    2. Advertising the goods
    3. Granting credit to retailers
    4. Transporting goods
26. In the long run, as individuals higher wages, it causes
    1. demand for food to decrease.
    2. demand for leisure to decrease.
    3. supply of normal goods to decrease.
    4. supply of labour to decrease.
27. Population growth rate can be calculated as
    1. birth rate — death rate-emigrants-immigrants.
    2. birth rate - death rate + migration rate + migration rate.
    3. birth rate — death rate
    4. birth rate — death rate + immigrants
28. Labour productivity is defined as
    1. output per man hour
    2. average output
    3. the maximum number of hours worked.
    4. total output of labour.
29. Which of the following problems has the least effect on agriculture productivity in West Africa?
    1. Incidence of pests and diseases
    2. unfavourable weather conditions
    3. urban — rural migration
    4. illiteracy
30. The location of iron and steel industry at a place is due to
    1. easy access to raw materials.
    2. access to cheap labour.
    3. government policy.
    4. good infrastructure.
31. Import substitution as a strategy of industrialization is the
    1. replacement of locally produced goods with imported ones.
    2. development of local firms to produce loca! goods that are imported. C. establishment of firms to process imported raw materials. D. act of using local inputs to produce goods for export.
32. Question 32
    1. Option a
    2. Option b
    3. Option c
    4. Option d
33. Question 33
    1. Option a
    2. Option b
    3. Option c
    4. Option d
34. Question 34
    1. Option a
    2. Option b
    3. Option c
    4. Option d
35. Question 35
    1. Option a
    2. Option b
    3. Option c
    4. Option d
36. Question 36
    1. Option a
    2. Option b
    3. Option c
    4. Option d
37. Question 37
    1. Option a
    2. Option b
    3. Option c
    4. Option d
38. Question 38
    1. Option a
    2. Option b
    3. Option c
    4. Option d
39. Question 39
    1. Option a
    2. Option b
    3. Option c
    4. Option d
40. Question 40
    1. Option a
    2. Option b
    3. Option c
    4. Option d
41. Question 41
    1. Option a
    2. Option b
    3. Option c
    4. Option d
42. Question 42
    1. Option a
    2. Option b
    3. Option c
    4. Option d
43. Question 43
    1. Option a
    2. Option b
    3. Option c
    4. Option d
44. Question 44
    1. Option a
    2. Option b
    3. Option c
    4. Option d
45. Question 45
    1. Option a
    2. Option b
    3. Option c
    4. Option d
46. Question 46
    1. Option a
    2. Option b
    3. Option c
    4. Option d
47. Question 47
    1. Option a
    2. Option b
    3. Option c
    4. Option d
48. Question 48
    1. Option a
    2. Option b
    3. Option c
    4. Option d
49. Question 49
    1. Option a
    2. Option b
    3. Option c
    4. Option d
50. Question 50
    1. Option a
    2. Option b
    3. Option c
    4. Option d

Economics 2 - Essay

Section A

Answer one question only from this section.

1. Question 1
   1. Sub-question a
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   2. Sub-question b
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   3. Sub-question c
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   4. Sub-question d
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   5. Sub-question e
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   6. Sub-question f
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
2. Question 2
   1. Sub-question a
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   2. Sub-question b
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   3. Sub-question c
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   4. Sub-question d
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   5. Sub-question e
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   6. Sub-question f
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v

Section B

Answer three questions only from this section.

3. Question 3
   1. Sub-question a
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   2. Sub-question b
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   3. Sub-question c
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   4. Sub-question d
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   5. Sub-question e
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   6. Sub-question f
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
4. Question 4
   1. Sub-question a
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   2. Sub-question b
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   3. Sub-question c
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   4. Sub-question d
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   5. Sub-question e
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   6. Sub-question f
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
5. Question 5
   1. Sub-question a
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   2. Sub-question b
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   3. Sub-question c
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   4. Sub-question d
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   5. Sub-question e
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   6. Sub-question f
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
6. Question 6
   1. Sub-question a
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   2. Sub-question b
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   3. Sub-question c
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   4. Sub-question d
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   5. Sub-question e
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   6. Sub-question f
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
7. Question 7
   1. Sub-question a
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   2. Sub-question b
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   3. Sub-question c
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   4. Sub-question d
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   5. Sub-question e
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   6. Sub-question f
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
8. Question 8
   1. Sub-question a
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   2. Sub-question b
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   3. Sub-question c
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   4. Sub-question d
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   5. Sub-question e
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v
   6. Sub-question f
      1. Sub-question i
      2. Sub-question ii
      3. Sub-question iii
      4. Sub-question iv
      5. Sub-question v