2019 Economics WAEC SSCE (School Candidates) May/June: Difference between revisions

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Economics 1 - Objective

The fundamental economic problem in every society is
1. the large number of the unemployed
2. inadequate supply of money
3. corruption and mismanagement
4. limited supply of productive resources
A point X inside a production possibility curve indicates that
1. resources are fully utilized
2. the country is poor
3. some resources are idle
4. resources are not available
The major employer of labour in developing countries is the
1. tertiary sector
2. secondary sector
3. primary sector
4. industrial sector
The desire for profit is a major feature of
1. traditional economy
2. mixed economy
3. market economy
4. command economy
The wages of a group of workers in dollars are stated below: 40, 30, 70, 20, 60, 10, 10, 80, 30 and 10. What is the mean wage?
1. $35
2. $36
3. $37
4. $38
If the coefficient of price elasticity of demand of a product is zero, then its demand curve will be
1. parallel to the quantity axis
2. parallel to the price axis
3. negatively sloped
4. positively sloped
1. Option a
2. Option b
3. Option c
4. Option d
The interest rate to control the money supply is a
1. control policy
2. monetary policy
3. developmental policy
4. fiscal policy
If less of a good is bought as one’s in- come increases, such good is
1. a normal good
2. a luxury
3. a necessity
4. an inferior good
The demand for coffee and tea is
1. joint
2. competitive
3. composite
4. derived
What effect will an increase in the supply of fish have on the meat market?
1. a fall in equilibrium price and quantity
2. An increase in equilibrium price and quantity
3. an increase in equilibrium price and quantity
4. Both equilibrium price and quantity remain unchanged
Which of the following factors is not a condition for a charge in supply of a commodity?
1. improved technology
2. cost of production
3. the price of the commodity
4. Government tax policies
Supply of agricultural product is likely to be elastic in the
1. intermediate period
2. long run
3. market period
4. short-run
Two commodities X and Y are in joint supply when
1. X is a by product of Y
2. X and Y are produced by the same firm
3. increase in quantity of X leads to decrease in Y
4. X and Y cannot be produced in the same process
Table 1 above illustrates the law of
1. diminishing returns
2. diminishing marginal productivity
3. diminishing marginal utility
4. variable proportion
When the price of a good is above the equilibrium, there will be
1. a shortage
2. a surplus
3. unemployment
4. inflation
What happens when a minimum price is imposed in a market?
1. shortage occurs
2. surplus occurs
3. the market maintains its equilibrium
4. Many firms will close down
When an increase in inputs leads to more than a proportionate increase in output, there is
1. decreasing returns to scale
2. increase in marginal product
3. increasing returns to scale
4. constant returns to scale
The short-run in production is the time period when
1. techniques of production can easily be changed
2. all factors of production are variable
3. at least a factor is fixed while others are variable
4. variable factors cannot be changed
Question 20
1. Option a
2. Option b
3. Option c
4. Option d
A cost of production that is positively related to output is the
1. total fixed cost
2. average fixed cost
3. variable cost
4. social cost
In perfect competition, the average revenue curve of a firm
1. below the marginal revenue curve
2. downward sloping
3. the marginal revenue curve
4. convex to the origin
Which of the following means of funding a business is a very reliable and cheap?
1. Bank loans
2. Loans from friends
3. Plough back profits
4. Debentures
Government in most cases influences location of a firm to
1. discourage private investors
2. ensure equitable distribution
3. reduce cost of production
4. make the firms enjoy economies of scale
Middlemen are made up of
1. manufacturers, wholesalers and consumer
2. manufacturers, wholesalers and retailers
3. wholesalers, retailers and hawkers
4. wholesalers, retailers and consumers
The Malthusian theory of population was proved wrong because
1. the practice of subsistence farming was encouraged
2. developing countries adopted birth control method
3. new lands and new methods of production were discovered
4. Malthus’ view was seen as an exaggeration
Human development can be improved if
1. banks give more loans to businessmen
2. Option b
3. Option c
4. Option d
Question 28
1. Option a
2. Option b
3. Option c
4. Option d
Question 29
1. Option a
2. Option b
3. Option c
4. Option d
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 3: / Line 3: @@
 === Economics 1 - Objective ===
 <ol>
-     <li>Question 1
+     <li>The fundamental economic problem in every society is
          <ol type="a">
-             <li>Option a</li>
+             <li>the large number of the unemployed </li>
-             <li>Option b</li>
+             <li>inadequate supply of money</li>
-             <li>Option c</li>
+             <li>corruption and mismanagement</li>
-             <li>Option d</li>
+             <li>limited supply of productive resources </li>
          </ol>
      </li>
-     <li>Question 2
+     <li>A point X inside a production possibility curve indicates that
          <ol type="a">
-             <li>Option a</li>
+             <li>resources are fully utilized </li>
-             <li>Option b</li>
+             <li>the country is poor</li>
-             <li>Option c</li>
+             <li>some resources are idle </li>
-             <li>Option d</li>
+             <li>resources are not available </li>
          </ol>
      </li>
-     <li>Question 3
+     <li>The major employer of labour in developing countries is the
          <ol type="a">
-             <li>Option a</li>
+             <li>tertiary sector</li>
-             <li>Option b</li>
+             <li>secondary sector </li>
-             <li>Option c</li>
+             <li>primary sector </li>
-             <li>Option d</li>
+             <li>industrial sector </li>
          </ol>
      </li>
-     <li>Question 4
+     <li>The desire for profit is a major feature of
          <ol type="a">
-             <li>Option a</li>
+             <li>traditional economy</li>
-             <li>Option b</li>
+             <li>mixed economy </li>
-             <li>Option c</li>
+             <li>market economy </li>
-             <li>Option d</li>
+             <li>command economy </li>
          </ol>
      </li>
-     <li>Question 5
+     <li>The wages of a group of workers in dollars are stated below: 40, 30, 70, 20, 60, 10, 10, 80, 30 and 10. What is the mean wage?
          <ol type="a">
-             <li>Option a</li>
+             <li>$35 </li>
-             <li>Option b</li>
+             <li>$36 </li>
-             <li>Option c</li>
+             <li>$37</li><li>$38 </li>
-            <li>Option d</li>
          </ol>
      </li>
-     <li>Question 6
+     <li>If the coefficient of price elasticity of demand of a product is zero, then its demand curve will be
          <ol type="a">
-             <li>Option a</li>
+             <li>parallel to the quantity axis </li>
-             <li>Option b</li>
+             <li>parallel to the price axis </li>
-             <li>Option c</li>
+             <li>negatively sloped </li>
-             <li>Option d</li>
+             <li>positively sloped</li>
          </ol>
      </li>
-     <li>Question 7
+     <li><ol type="a">
-        <ol type="a">
              <li>Option a</li>
              <li>Option b</li>
@@ Line 59: / Line 57: @@
          </ol>
      </li>
-     <li>Question 8
+     <li>The interest rate to control the money supply is a
          <ol type="a">
-             <li>Option a</li>
+             <li>control policy </li>
-             <li>Option b</li>
+             <li>monetary policy </li>
-             <li>Option c</li>
+             <li>developmental policy </li>
-             <li>Option d</li>
+             <li>fiscal policy </li>
          </ol>
      </li>
-     <li>Question 9
+     <li>If less of a good is bought as one’s in- come increases, such good is
          <ol type="a">
-             <li>Option a</li>
+             <li>a normal good</li>
-             <li>Option b</li>
+             <li>a luxury </li>
-             <li>Option c</li>
+             <li>a necessity </li>
-             <li>Option d</li>
+             <li>an inferior good </li>
          </ol>
      </li>
-     <li>Question 10
+     <li>The demand for coffee and tea is
          <ol type="a">
-             <li>Option a</li>
+             <li>joint </li>
-             <li>Option b</li>
+             <li>competitive</li>
-             <li>Option c</li>
+             <li>composite </li>
-             <li>Option d</li>
+             <li>derived </li>
          </ol>
      </li>
-     <li>Question 11
+     <li>What effect will an increase in the supply of fish have on the meat market?
          <ol type="a">
-             <li>Option a</li>
+             <li>a fall in equilibrium price and quantity </li>
-             <li>Option b</li>
+             <li>An increase in equilibrium price and quantity </li>
-             <li>Option c</li>
+             <li>an increase in equilibrium price and quantity </li>
-             <li>Option d</li>
+             <li>Both equilibrium price and quantity remain unchanged</li>
          </ol>
      </li>
-     <li>Question 12
+     <li>Which of the following factors is not a condition for a charge in supply of a commodity?
          <ol type="a">
-             <li>Option a</li>
+             <li>improved technology</li>
-             <li>Option b</li>
+             <li>cost of production </li>
-             <li>Option c</li>
+             <li>the price of the commodity </li>
-             <li>Option d</li>
+             <li>Government tax policies</li>
          </ol>
      </li>
-     <li>Question 13
+     <li>Supply of agricultural product is likely to be elastic in the
          <ol type="a">
-             <li>Option a</li>
+             <li>intermediate period </li>
-             <li>Option b</li>
+             <li>long run </li>
-             <li>Option c</li>
+             <li>market period </li>
-             <li>Option d</li>
+             <li>short-run </li>
          </ol>
      </li>
-     <li>Question 14
+     <li>Two commodities X and Y are in joint supply when
          <ol type="a">
-             <li>Option a</li>
+             <li>X is a by product of Y</li>
-             <li>Option b</li>
+             <li>X and Y are produced by the same firm</li>
-             <li>Option c</li>
+             <li>increase in quantity of X leads to decrease in Y </li>
-             <li>Option d</li>
+             <li>X and Y cannot be produced in the same process </li>
          </ol>
      </li>
-     <li>Question 15
+     <li>Table 1 above illustrates the law of
          <ol type="a">
-             <li>Option a</li>
+             <li>diminishing returns </li>
-             <li>Option b</li>
+             <li>diminishing marginal productivity </li>
-             <li>Option c</li>
+             <li>diminishing marginal utility </li>
-             <li>Option d</li>
+             <li>variable proportion </li>
          </ol>
      </li>
-     <li>Question 16
+     <li>When the price of a good is above the equilibrium, there will be
          <ol type="a">
-             <li>Option a</li>
+             <li>a shortage </li>
-             <li>Option b</li>
+             <li>a surplus </li>
-             <li>Option c</li>
+             <li>unemployment </li>
-             <li>Option d</li>
+             <li>inflation </li>
          </ol>
      </li>
-     <li>Question 17
+     <li>What happens when a minimum price is imposed in a market?
          <ol type="a">
-             <li>Option a</li>
+             <li>shortage occurs </li>
-             <li>Option b</li>
+             <li>surplus occurs </li>
-             <li>Option c</li>
+             <li>the market maintains its equilibrium </li>
-             <li>Option d</li>
+             <li>Many firms will close down </li>
          </ol>
      </li>
-     <li>Question 18
+     <li>When an increase in inputs leads to more than a proportionate increase in output, there is
          <ol type="a">
-             <li>Option a</li>
+             <li>decreasing returns to scale </li>
-             <li>Option b</li>
+             <li>increase in marginal product </li>
-             <li>Option c</li>
+             <li>increasing returns to scale </li>
-             <li>Option d</li>
+             <li>constant returns to scale </li>
          </ol>
      </li>
-     <li>Question 19
+     <li>The short-run in production is the time period when
          <ol type="a">
-             <li>Option a</li>
+             <li>techniques of production can easily be changed </li>
-             <li>Option b</li>
+             <li>all factors of production are variable </li>
-             <li>Option c</li>
+             <li>at least a factor is fixed while others are variable</li>
-             <li>Option d</li>
+             <li>variable factors cannot be changed </li>
          </ol>
      </li>
@@ Line 163: / Line 161: @@
          </ol>
      </li>
-     <li>Question 21
+     <li>A cost of production that is positively related to output is the
          <ol type="a">
-             <li>Option a</li>
+             <li>total fixed cost </li>
-             <li>Option b</li>
+             <li>average fixed cost </li>
-             <li>Option c</li>
+             <li>variable cost </li>
-             <li>Option d</li>
+             <li>social cost </li>
          </ol>
      </li>
-     <li>Question 22
+     <li>In perfect competition, the average revenue curve of a firm
          <ol type="a">
-             <li>Option a</li>
+             <li>below the marginal revenue curve </li>
-             <li>Option b</li>
+             <li>downward sloping </li>
-             <li>Option c</li>
+             <li>the marginal revenue curve </li>
-             <li>Option d</li>
+             <li>convex to the origin </li>
          </ol>
      </li>
-     <li>Question 23
+     <li>Which of the following means of funding a business is a very reliable and cheap?
          <ol type="a">
-             <li>Option a</li>
+             <li>Bank loans </li>
-             <li>Option b</li>
+             <li>Loans from friends </li>
-             <li>Option c</li>
+             <li>Plough back profits </li>
-             <li>Option d</li>
+             <li>Debentures </li>
          </ol>
      </li>
-     <li>Question 24
+     <li>Government in most cases influences location of a firm to
          <ol type="a">
-             <li>Option a</li>
+             <li>discourage private investors </li>
-             <li>Option b</li>
+             <li>ensure equitable distribution </li>
-             <li>Option c</li>
+             <li>reduce cost of production </li>
-             <li>Option d</li>
+             <li>make the firms enjoy economies of scale </li>
          </ol>
      </li>
-     <li>Question 25
+     <li>Middlemen are made up of <ol type="a">
-        <ol type="a">
+             <li>manufacturers, wholesalers and consumer </li>
-             <li>Option a</li>
+             <li>manufacturers, wholesalers and retailers </li>
-             <li>Option b</li>
+             <li>wholesalers, retailers and hawkers </li>
-             <li>Option c</li>
+             <li>wholesalers, retailers and consumers </li>
-             <li>Option d</li>
          </ol>
      </li>
-     <li>Question 26
+     <li>The Malthusian theory of population was proved wrong because
          <ol type="a">
-             <li>Option a</li>
+             <li>the practice of subsistence farming was encouraged </li>
-             <li>Option b</li>
+             <li>developing countries adopted birth control method </li>
-             <li>Option c</li>
+             <li>new lands and new methods of production were discovered </li>
-             <li>Option d</li>
+             <li>Malthus’ view was seen as an exaggeration </li>
          </ol>
      </li>
-     <li>Question 27
+     <li>Human development can be improved if
          <ol type="a">
-             <li>Option a</li>
+             <li>banks give more loans to businessmen </li>
              <li>Option b</li>
              <li>Option c</li>