2015 Economics WAEC SSCE (School Candidates) May/June: Difference between revisions

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         </ol>
         </ol>
     </li>
     </li>
     <li>Question 11
     <li>. Government revenue will increase if taxes are levied on goods with
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>Perfectly elastic demand.</li>
             <li>Option b</li>
             <li>Fairly elastic demand.</li>
             <li>Option c</li>
             <li>Perfectly inelastic demand</li>
             <li>Option d</li>
             <li>Unitary elastic demand.</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 12
     <li>If a given change in price brings about a proportionately larger change in quantity demanded, then
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>demand is relatively price elastic</li>
             <li>Option b</li>
             <li>demand is relatively price inelastic</li>
             <li>Option c</li>
             <li>Price elasticity of demand is unitary</li>
             <li>Option d</li>
             <li>Price elasticity of demand is constant.</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 13
     <li>If the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>necessity </li>
             <li>Option b</li>
             <li>good of ostentation</li>
             <li>Option c</li>
             <li>giffen good</li>
             <li>Option d</li>
             <li>normal good</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 14
     <li>In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>subtract MU from TU</li>
             <li>Option b</li>
             <li>add MU from the various levels</li>
             <li>Option c</li>
             <li>multiply MU by the initial TU</li>
             <li>Option d</li>
             <li>divide current MU by previous MU . </li> </ol>
        </ol>
     </li>
     </li>
     <li>Question 15
     <li>Which of the following will not affect the market price of a commodity?
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>Increase in demand</li>
             <li>Option b</li>
             <li>Change in tastes</li>
             <li>Option c</li>
             <li>Intersection of demand and supply</li>
             <li>Option d</li>
             <li>Increase in supply</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 16
     <li>All the following are methods of determining prices except
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>maximum pricing</li>
             <li>Option b</li>
             <li>rationing</li>
             <li>Option c</li>
             <li>minimum pricing</li>
             <li>Option d</li>
             <li>auctioning</li> </ol>
        </ol>
     </li>
     </li>
     <li>Question 17
     <li>The law of diminishing returns relates to
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>total utility</li>
             <li>Option b</li>
             <li>average utility</li>
             <li>Option c</li>
             <li>total product</li>
             <li>Option d</li>
             <li>marginal product. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 18
     <li>By adding all the marginal products at each level of employment of the variable input, we obtain a value equal to
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>average product</li>
             <li>Option b</li>
             <li>total product </li>
             <li>Option c</li>
             <li>average variable cost</li>
             <li>Option d</li>
             <li>total cost.  </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 19
     <li>Total cost is obtained by
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>adding up the marginal cost at each level </li>
             <li>Option b</li>
             <li>dividing the total cost by output at each level </li>
             <li>Option c</li>
             <li>adding up the average variable cost at each level.</li>
             <li>Option d</li>
             <li>adding up the average variable cost and total fixed cost. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 20
     <li>Which of the following cost curves is not U-shaped? The
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>marginal cost curve </li>
             <li>Option b</li>
             <li>average fixed cost curve</li>
             <li>Option c</li>
             <li>average total cost curve</li>
             <li>Option d</li>
             <li>average variable cost curve.</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 21
     <li>Which of the following business organizations is likely to experience disagreements between management and shareholders?
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>Co-operative society</li>
             <li>Option b</li>
             <li>Sole trader </li>
             <li>Option c</li>
             <li>Partnership </li>
             <li>Option d</li>
             <li>Joint-stock company.</li>
         </ol>
         </ol>
     </li>
     </li>

Revision as of 11:24, 19 August 2024

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Economics 1 - Objective

  1. Economics is regarded as a science because it
    1. studies laws that govern human behaviour.
    2. uses scientific method to explain human behaviour.
    3. makes use of controlled experiments to explain human behaviour.
    4. makes use of machines to study human behaviour.
  2. Which of the following cannot be described as land?
    1. Forest.
    2. Diamond.
    3. Roads.
    4. Crude oil.
  3. An outward shift of the production possibility curve shows that
    1. Production is shifting to the right.
    2. Resources are underutilized.
    3. Economic growth has taken place.
    4. Factors of production are moving outward.
  4. The following constitute the criteria for identifying an economic system except
    1. Ownership of resources.
    2. Scarcity of resources.
    3. Method of decision making.
    4. Motivation for production.
  5. A disadvantage of the mean as a measure of central tendency is that, it
    1. is affected by extreme values.
    2. Can only be used for continuous data.
    3. Cannot be used to measure the qualities of a population.
    4. cannot be determined in grouped data.
  6. Which of the following is not an effect of many middlemen in the chain of distribution?
    1. Shortage of commodities.
    2. Low retail prices.
    3. Hoarding of goods.
    4. High retail prices.
  7. If the price of flour rises, then bread's
    1. Demand curve will shift to the left while supply curve will shift to the right.
    2. Supply curve will shift to the left.
    3. Supply curve will shift to the left.
    4. Demand curve will shift to the right while supply curve remains unchanged.
  8. Which of the following is not a reason for abnormal demand?
    1. Price of the commodity.
    2. Goods of ostentation.
    3. Giffen goods.
    4. Rare commodity.
  9. Increase in production subsidies will shift
    1. The demand curve to the left.
    2. The supply curve will shift to the right.
    3. Both the supply and demand curves to the left.
    4. The supply curve to the left and demand curve to the right.
  10. The market supply curve slopes upwards from left to right indicating that
    1. Producers pay high taxes.
    2. Two commodities can be supplied at the same time.
    3. At a lower price, less is supplied
    4. At a lower price, more is supplied and demanded.
  11. . Government revenue will increase if taxes are levied on goods with
    1. Perfectly elastic demand.
    2. Fairly elastic demand.
    3. Perfectly inelastic demand
    4. Unitary elastic demand.
  12. If a given change in price brings about a proportionately larger change in quantity demanded, then
    1. demand is relatively price elastic
    2. demand is relatively price inelastic
    3. Price elasticity of demand is unitary
    4. Price elasticity of demand is constant.
  13. If the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a
    1. necessity
    2. good of ostentation
    3. giffen good
    4. normal good
  14. In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to
    1. subtract MU from TU
    2. add MU from the various levels
    3. multiply MU by the initial TU
    4. divide current MU by previous MU .
  15. Which of the following will not affect the market price of a commodity?
    1. Increase in demand
    2. Change in tastes
    3. Intersection of demand and supply
    4. Increase in supply
  16. All the following are methods of determining prices except
    1. maximum pricing
    2. rationing
    3. minimum pricing
    4. auctioning
  17. The law of diminishing returns relates to
    1. total utility
    2. average utility
    3. total product
    4. marginal product.
  18. By adding all the marginal products at each level of employment of the variable input, we obtain a value equal to
    1. average product
    2. total product
    3. average variable cost
    4. total cost.  
  19. Total cost is obtained by
    1. adding up the marginal cost at each level
    2. dividing the total cost by output at each level
    3. adding up the average variable cost at each level.
    4. adding up the average variable cost and total fixed cost.
  20. Which of the following cost curves is not U-shaped? The
    1. marginal cost curve
    2. average fixed cost curve
    3. average total cost curve
    4. average variable cost curve.
  21. Which of the following business organizations is likely to experience disagreements between management and shareholders?
    1. Co-operative society
    2. Sole trader
    3. Partnership
    4. Joint-stock company.
  22. Question 22
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  23. Question 23
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  24. Question 24
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  25. Question 25
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  26. Question 26
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  27. Question 27
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  28. Question 28
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  29. Question 29
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  30. Question 30
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  31. Question 31
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  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.

  1. 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
  2. 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
  3. 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
  4. 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
  5. 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
  6. 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
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