2024 Economics WAEC SSCE (School Candidates) May/June

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Economics 1 - Objective

1. There is scarcity when
   1. the means exceed society’s wants.
   2. demand for resources is greater than its supply
   3. productive resources are in excess.
   4. supply of resources is greater than its demand
2. Points within a Production Possibilities Curve (PPC) indicate
   1. optimum production levels
   2. attainable but inefficient production levels.
   3. unattainable production levels.
   4. attainable and efficient production levels.
3. Which of the following is not a feature of
   1. it is an active factor
   2. It is highly mobile
   3. Its reward is wages or salaries
   4. Its efficiency depends on its size
4. The pursuit of private profits is a feature of
   1. command economies.
   2. socialist economies.
   3. capitalist economies.
   4. statutory corporations.
5. A major feature of the socialist economic system is
   1. setting of production targets by public authorities.
   2. freedom of choice for consumers.
   3. determination of price by market forces.
   4. private ownership of productive inputs.
6. If the budget on education is $50 m out of an annual national budget of $ 300m. The sector of a pie chart representing education is
   1. 16.6°
   2. 60°
   3. 150°
   4. 300°
7. Price elasticity of demand is the responsiveness of quantity demanded to a change in
   1. demand for the product.
   2. price of another product
   3. income of the buyer.
   4. price of the product.
8. When total revenue increases as price falls. the coefficient of price elasticity of demand is
   1. greater than one.
   2. one.
   3. less than one.
   4. zero.
9. If the quantity demanded of rice decreased from 150 bags to 100 bags, the percentage change in quantity demanded is
   1. 30.0%.
   2. 33.3%.
   3. 50.0%.
   4. 66.7%.
10. The law of demand will not hold when
    1. normal goods are involved
    2. size of the population changes.
    3. rare commodities are involved.
    4. incomes of consumers increase.
11. The movement from points x to z might have been caused by
    1. a change in taste in favour of milk.
    2. a decrease in price of milk.
    3. an increase in income of consumers.
    4. a favourable weather condition.
12. If demand for postal services decline as a result of increased use of e-mails, then the two services are in
    1. composite demand.
    2. derived demand.
    3. competitive demand.
    4. complementary demand.
13. Other things being equal, an increase in the demand for land in the short-run will cause an increase in the
    1. price only.
    2. price and supply.
    3. quantity supplied only.
    4. supply only.
14. If the coefficient of price elasticity of supply of a commodity is 0.8, then supply is
    1. perfectly elastic.
    2. fairly inelastic.
    3. perfectly inelastic.
    4. fairly elastic.
15. The negative slope of the demand curve is best explained by
    1. consumers’ choice.
    2. increasing returns to scale.
    3. diminishing returns to scale.
    4. diminishing marginal utility.
16. Minimum price legislation is used to protect the interests of
    1. small scale producers.
    2. foreign companies.
    3. government.
    4. consumers.
17. At what price is excess supply equal to 25?
    1. $10
    2. $20
    3. $30
    4. $40
18. Which of the following best explains diseconomies of scale? Increase in output causes the
    1. average cost to rise.
    2. marginal revenue to fall.
    3. marginal cost to fall.
    4. firm to be destabilised.
19. In the short-run, a firm can increase output by
    1. increasing the size of its machines.
    2. purchasing more equipment.
    3. changing its organizational structure.
    4. increasing the quantity of raw materials.
20. The fixed cost of producing 100 units of a good is $ 600. Ifthe variable cost 1s § 400, the average total cost of one waif of the good is
    1. $4.
    2. $6.
    3. $8.
    4. $10.
21. Firms in perfect competition break even in the long-run because
    1. new firms can not enter the market due to copyright laws.
    2. more firms can enter the industry due to attractive profits.
    3. marginal revenue is greater than marginal cost at all levels.
    4. profits are not enough to repay traders’ loans.
22. The government policy that encourages public corporations to operate profitably is
    1. liberalization.
    2. nationalization.
    3. commercialization.
    4. indigenization.
23. Separation of ownership from control is more pronounced in a
    1. partnership.
    2. joint-stock company.
    3. sole-proprietorship.
    4. consumer cooperative society
24. Warchousing of goods in the process of distribution ts the function of
    1. supermarkets
    2. departmental stores.
    3. retailers,
    4. wholesalers.
25. The supply of labour to an occupation will tend to rise when
    1. there are less monetary benefits.
    2. holiday entitlement is cut.
    3. welfare packages improve.
    4. unemployment benefit rises.
26. Malthus’ predictions did not come to pass mainly because
    1. food supply and population grew at the same rate.
    2. the use of machines in agriculture was discouraged.
    3. a lot of people died during epidemics.
    4. many people emigrated to the new lands.
27. In determining the growth of a country’s population, infant mortality is a component of
    1. immigration rate.
    2. fertility rate.
    3. net migration.
    4. death rate.
28. ‘Ihe low productivity per worker in agriculture experienced in West African countries is due to
    1. laziness on the part of farmers.
    2. the use of simple traditional implements.
    3. the presence of many extension workers.
    4. the law of increasing returns to scale.
29. What will be the likely effect if agriculture is fully mechanized in West Africa?
    1. More jobs will be available for farm labourers
    2. Labour intensive method of farming will still be dominant
    3. Less labour will be required on the farms
    4. Governments will no longer be involved in agriculture
30. Locating firms in urban areas may
    1. reduce rural-urban migration.
    2. ensure balanced development of rural areas.
    3. make a-firm enjoy the benefits of the existence of other firms,
    4. increase urban-rural migration.
31. An advantage a small firm has over a large firm is that the former can better
    1. enjoy financial economies of scale.
    2. satisfy individual tastes.
    3. enjoy internal economies of scale.
    4. attract huge discounts on inputs.
32. National income estimates will be understated as a result of the activities of
    1. subsistence farmers.
    2. musicians. 
    3. laundry women.
    4. housekeepers.
33. The value of Net National Product is
    1. $100 m.
    2. $275 m.
    3. $300 m.
    4. $500 m.
34. The value of per capita income is
    1. $20.
    2. $12.
    3. $8.
    4. $4.
35. One effect of inflation is that
    1. money’s purchasing power will increase.
    2. the real incomes of workers will rise.
    3. both borrowers and lenders benefit from it.
    4. money’s purchasing power will fall.
36. The function of money that enables credit purchases of goods and services is
    1. unit of account.
    2. store of value.
    3. standard for deferred payment.
    4. relative scarcity.
37. Supply of money is best defined as the
    1. money in circulation plus bank deposits.
    2. money given out as loans to members of the public.
    3. amount of currency printed annually by the government.
    4. amount of money spent on consumer goods
38. Capital market operators deal in the
    1. supply of and demand for short term loans only.
    2. supply of and demand for long term loans for investment.
    3. sales and purchases of treasury bills.
    4. sales and purchases of capital equipment.
39. Money supply will increase when the Central Bank
    1. buys securities from the public.
    2. increases the reserve requirements.
    3. increases the bank rate.
    4. sells securities to the public.
40. Expansionary fiscal policy implies
    1. decreasing bank loans.
    2. raising tax rates.
    3. increasing the bank rate.
    4. decreasing tax rates.
41. A commodity with perfectly inelastic demand has the burden of tax borne by
    1. both the sellers and the buyers.
    2. the buyers alone.
    3. the government alone.
    4. both the buyers and the government.
42. An increase in a country’s production capacity usually leads to economic
    1. development.
    2. stability.
    3. growth.
    4. efficiency.
43. One indicator of the low level of capital formation in developing countries is
    1. low per capita income,
    2. high rate of investment.
    3. low importation of consumer goods.
    4. high rate of household savings.
44. Balance of payments is defined as the
    1. difference between the values of visible imports and visible exports.
    2. record of financial transactions between a country and the rest of the world.
    3. relationship between prices of exports and prices of imports.
    4. difference between a country’s expected revenue and proposed expenditure.
45. Devaluation of currency will help to correct balance of payments deficit if a country’s
    1. exports have perfectly inelastic demand
    2. imports have inelastic demand
    3. exports have elastic demand
    4. productivity is low
46. Terms of trade is favorable when the
    1. value of visible imports is greater than that of visible exports
    2. price of imports is greater than that of exports
    3. payments on imports is greater than receipts from exports.
    4. price of exports is rising faster than that of imports.
47. Short-term deficits in the current account of the balance of payments can be financed by balancing with the
    1. invisible account.
    2. capital account.
    3. visible account.
    4. national income account.
48. Harmonized monetary and fiscal policies is a feature of
    1. a free trade area.
    2. an economic union.
    3. a customs union.
    4. a common market.
49. One major achievement of the Economic Commission for Africa (ECA) is the
    1. setting up of the African Development Bank (AfDB).
    2. provision of long term loans to non-members.
    3. reduction of balance of payments problems in Africa
    4. removing the gap between African countries and the rich nations.
50. Exploitation of solid minerals in developing countries can stabilize their revenue base mainly because it helps in
    1. promoting a mono-economy.
    2. the transfer of technology.
    3. the diversification of the economy.
    4. the provision of energy.

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