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

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Economics 1 - Objective

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.
Which of the following cannot be described as land?
1. Forest.
2. Diamond.
3. Roads.
4. Crude oil.
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.
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.
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.
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.
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.
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.
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.
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.
. 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.
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.
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
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 .
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
All the following are methods of determining prices except
1. maximum pricing
2. rationing
3. minimum pricing
4. auctioning
The law of diminishing returns relates to
1. total utility
2. average utility
3. total product
4. marginal product.
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.
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.
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.
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.
Which of the following is not a method of controlling monopoly?
1. Preventing mergers
2. indigenization
3. Privatization
4. Imposing high profit tax.
Which of the following features distinguishes a public limited company from a private limited company?
1. Perpetual existence
2. Limited liability
3. Legal entity
4. sale of shares to the public.
Inflation may occur if there is
1. excess supply over demand
2. increase in productivity
3. excessive demand with limited supply.
4. increased government spending in a depressed economy.
Frictional unemployment occurs when
1. there is a change in the technique of production
2. job seekers lack information where jobs exist
3. bad weather prevent work from progressing
4. job seekers have disabilities.
Which of the following will increase the demand for labour?
1. Increased wage rate
2. Labour’s demand for output
3. Low wage rate
4. Low marginal productivity of labour.
One reason for low agricultural productivity in most West African countries is that
1. farmers are not capable of cultivating cash crops.
2. it does not provide income to farmers with large families
3. farmers find it difficult getting help from financial institutions
4. it is not the only source of raw materials for agro-based industries.
The movement of labour from one grade to an entirely different grade is an example of
1. industrial labour mobility
2. horizontal occupational mobility
3. vertical occupational mobility
4. geographical mobility.
Ten bags of wheat bought for $50 by a flour miller were sold for $65. What is the Value Added Tax payable by the flour miller if the tax rate is 5% ?
1. $ 7.50
2. $ 3.25
3. $ 2.25
4. $ 0.75.
Question 30
1. Option a
2. Option b
3. Option c
4. Option d
Question 31
1. Option a
2. Option b
3. Option c
4. Option d
Question 32
1. Option a
2. Option b
3. Option c
4. Option d
Question 33
1. Option a
2. Option b
3. Option c
4. Option d
Question 34
1. Option a
2. Option b
3. Option c
4. Option d
Question 35
1. Option a
2. Option b
3. Option c
4. Option d
Question 36
1. Option a
2. Option b
3. Option c
4. Option d
Question 37
1. Option a
2. Option b
3. Option c
4. Option d
Question 38
1. Option a
2. Option b
3. Option c
4. Option d
Question 39
1. Option a
2. Option b
3. Option c
4. Option d
Question 40
1. Option a
2. Option b
3. Option c
4. Option d
Question 41
1. Option a
2. Option b
3. Option c
4. Option d
Question 42
1. Option a
2. Option b
3. Option c
4. Option d
Question 43
1. Option a
2. Option b
3. Option c
4. Option d
Question 44
1. Option a
2. Option b
3. Option c
4. Option d
Question 45
1. Option a
2. Option b
3. Option c
4. Option d
Question 46
1. Option a
2. Option b
3. Option c
4. Option d
Question 47
1. Option a
2. Option b
3. Option c
4. Option d
Question 48
1. Option a
2. Option b
3. Option c
4. Option d
Question 49
1. Option a
2. Option b
3. Option c
4. Option d
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.

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
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.

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
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
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
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
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
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

@@ Line 169: / Line 169: @@
          </ol>
      </li>
-     <li>Question 22
+     <li>Which of the following is not a method of controlling monopoly?
          <ol type="a">
-             <li>Option a</li>
+             <li>Preventing mergers </li>
-             <li>Option b</li>
+             <li>indigenization</li>
-             <li>Option c</li>
+             <li>Privatization</li>
-             <li>Option d</li>
+             <li>Imposing high profit tax.</li>
          </ol>
      </li>
-     <li>Question 23
+     <li>Which of the following features distinguishes a public limited company from a private limited company?
          <ol type="a">
-             <li>Option a</li>
+             <li>Perpetual existence</li>
-             <li>Option b</li>
+             <li>Limited liability</li>
-             <li>Option c</li>
+             <li>Legal entity</li>
-             <li>Option d</li>
+             <li>sale of shares to the public.</li>
          </ol>
      </li>
-     <li>Question 24
+     <li>Inflation may occur if there is
          <ol type="a">
-             <li>Option a</li>
+             <li>excess supply over demand </li>
-             <li>Option b</li>
+             <li>increase in productivity</li>
-             <li>Option c</li>
+             <li>excessive demand with limited supply.</li>
-             <li>Option d</li>
+             <li>increased government spending in a depressed economy.</li>
          </ol>
      </li>
-     <li>Question 25
+     <li>Frictional unemployment occurs when
          <ol type="a">
-             <li>Option a</li>
+             <li>there is a change in the technique of production</li>
-             <li>Option b</li>
+             <li>job seekers lack information where jobs exist</li>
-             <li>Option c</li>
+             <li>bad weather prevent work from progressing </li>
-             <li>Option d</li>
+             <li>job seekers have disabilities.</li>
          </ol>
      </li>
-     <li>Question 26
+     <li>Which of the following will increase the demand for labour?
          <ol type="a">
-             <li>Option a</li>
+             <li>Increased wage rate </li>
-             <li>Option b</li>
+             <li>Labour’s demand for output</li>
-             <li>Option c</li>
+             <li>Low wage rate</li>
-             <li>Option d</li>
+             <li>Low marginal productivity of labour.</li>
          </ol>
      </li>
-     <li>Question 27
+     <li>One reason for low agricultural productivity in most West African countries is that
          <ol type="a">
-             <li>Option a</li>
+             <li>farmers are not capable of cultivating cash crops.</li>
-             <li>Option b</li>
+             <li>it does not provide income to farmers with large families</li>
-             <li>Option c</li>
+             <li>farmers find it difficult getting help from financial institutions</li>
-             <li>Option d</li>
+             <li>it is not the only source of raw materials for agro-based industries.</li> </ol>
-        </ol>
      </li>
-     <li>Question 28
+     <li>The movement of labour from one grade to an entirely different grade is an example of
          <ol type="a">
-             <li>Option a</li>
+             <li>industrial labour mobility</li>
-             <li>Option b</li>
+             <li>horizontal occupational mobility </li>
-             <li>Option c</li>
+             <li>vertical occupational mobility</li>
-             <li>Option d</li>
+             <li>geographical mobility.</li>
          </ol>
      </li>
-     <li>Question 29
+     <li>Ten bags of wheat bought for $50 by a flour miller were sold for $65. What is the Value Added Tax payable by the flour miller if the tax rate is 5% ?
          <ol type="a">
-             <li>Option a</li>
+             <li>$ 7.50 </li>
-             <li>Option b</li>
+             <li>$ 3.25 </li>
-             <li>Option c</li>
+             <li>$ 2.25</li>
-             <li>Option d</li>
+             <li>$ 0.75.</li>
          </ol>
      </li>