2013 Economics WAEC SSCE (School Candidates) May/June: Difference between revisions

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Economics 1 - Objective

The action of government to forgo road construction in order to provide more health facilities denotes
1. sound eceonomic decision
2. opportunity cost
3. practicable government policy
4. scale of preference
In Economics, a market is define as any
1. agreement made for consumers to buy all they need
2. agreement to sell commodities at low prices.
3. arrangement made for producers to sell all their goods
4. arrangement whereby the buyers and sellers are in contact
Which of the following is not a function of an insurance company?
1. Pooling resources together against risks
2. Mobilization of funds through premiums collected
3. Encouragement of investment by security of capital
4. Collection of deposits from the public for investment
A debenture holder earns
1. commission
2. profits
3. fixed interest
4. quasi rent
All economic systems must decide what to produce because
1. resources are not available
2. consumers want maximum satisfaction
3. resources are limited in supply
4. producers want maximum profit
Trade between two countries is known as
1. bilateral trade
2. unilateral trade
3. multilateral trade
4. internal trade.
In the balance of payments of a country, tourism is classified under
1. capital account
2. invisible trade
3. merchandise trade
4. official reserves.
General rise in the price level induced by increased price of inputs is referred to as
1. run-away inflation
2. cost-push inflation
3. demand-pull inflation
4. imported inflation
Which of the following is a function of merchant banks?
1. Acting as bankers’ bank
2. Lending to the commercial banks as a last resort
3. Controlling inflation in the economy
4. Underwriting and issuing of shares.
Demand is elastic when percentage change in
1. Option a
2. Option b
3. Option c
4. Option d
Question 11
1. Option a
2. Option b
3. Option c
4. Option d
Question 12
1. Option a
2. Option b
3. Option c
4. Option d
Question 13
1. Option a
2. Option b
3. Option c
4. Option d
Question 14
1. Option a
2. Option b
3. Option c
4. Option d
Question 15
1. Option a
2. Option b
3. Option c
4. Option d
Question 16
1. Option a
2. Option b
3. Option c
4. Option d
Question 17
1. Option a
2. Option b
3. Option c
4. Option d
Question 18
1. Option a
2. Option b
3. Option c
4. Option d
Question 19
1. Option a
2. Option b
3. Option c
4. Option d
Question 20
1. Option a
2. Option b
3. Option c
4. Option d
Question 21
1. Option a
2. Option b
3. Option c
4. Option d
Question 22
1. Option a
2. Option b
3. Option c
4. Option d
Question 23
1. Option a
2. Option b
3. Option c
4. Option d
Question 24
1. Option a
2. Option b
3. Option c
4. Option d
Question 25
1. Option a
2. Option b
3. Option c
4. Option d
Question 26
1. Option a
2. Option b
3. Option c
4. Option d
Question 27
1. Option a
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 four 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
Question 9
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 10
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 11
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 12
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 action of government to forgo road construction in order to provide more health facilities denotes
          <ol type="a">
-             <li>Option a</li>
+             <li>sound eceonomic decision</li>
-             <li>Option b</li>
+             <li>opportunity cost</li>
-             <li>Option c</li>
+             <li>practicable government policy</li>
-             <li>Option d</li>
+             <li>scale of preference</li>
          </ol>
      </li>
-     <li>Question 2
+     <li>In Economics, a market is define as any
          <ol type="a">
-             <li>Option a</li>
+             <li>agreement made for consumers to buy all they need </li>
-             <li>Option b</li>
+             <li>agreement to sell commodities at low prices. </li>
-             <li>Option c</li>
+             <li>arrangement made for producers to sell all their goods</li>
-             <li>Option d</li>
+             <li>arrangement whereby the buyers and sellers are in contact</li>
          </ol>
      </li>
-     <li>Question 3
+     <li>Which of the following is not a function of an insurance company?
          <ol type="a">
-             <li>Option a</li>
+             <li>Pooling resources together against risks</li>
-             <li>Option b</li>
+             <li>Mobilization of funds through premiums collected </li>
-             <li>Option c</li>
+             <li>Encouragement of investment by security of capital </li>
-             <li>Option d</li>
+             <li>Collection of deposits from the public for investment</li>
          </ol>
      </li>
-     <li>Question 4
+     <li>A debenture holder earns
          <ol type="a">
-             <li>Option a</li>
+             <li>commission</li>
-             <li>Option b</li>
+             <li>profits</li>
-             <li>Option c</li>
+             <li>fixed interest</li>
-             <li>Option d</li>
+             <li>quasi rent</li>
          </ol>
      </li>
-     <li>Question 5
+     <li>All economic systems must decide what to produce because
          <ol type="a">
-             <li>Option a</li>
+             <li>resources are not available</li>
-             <li>Option b</li>
+             <li>consumers want maximum satisfaction</li>
-             <li>Option c</li>
+             <li>resources are limited in supply</li>
-             <li>Option d</li>
+             <li>producers want maximum profit</li>
          </ol>
      </li>
-     <li>Question 6
+     <li>Trade between two countries is known as
          <ol type="a">
-             <li>Option a</li>
+             <li>bilateral trade</li>
-             <li>Option b</li>
+             <li>unilateral trade</li>
-             <li>Option c</li>
+             <li>multilateral trade</li>
-             <li>Option d</li>
+             <li>internal trade.</li>
          </ol>
      </li>
-     <li>Question 7
+     <li>In the balance of payments of a country, tourism is classified under
          <ol type="a">
-             <li>Option a</li>
+             <li>capital account</li>
-             <li>Option b</li>
+             <li>invisible trade</li>
-             <li>Option c</li>
+             <li>merchandise trade</li>
-             <li>Option d</li>
+             <li>official reserves.</li>
          </ol>
      </li>
-     <li>Question 8
+     <li>General rise in the price level induced by increased price of inputs is referred to as
          <ol type="a">
-             <li>Option a</li>
+             <li>run-away inflation </li>
-             <li>Option b</li>
+             <li>cost-push inflation</li>
-             <li>Option c</li>
+             <li>demand-pull inflation</li>
-             <li>Option d</li>
+             <li>imported inflation</li>
          </ol>
      </li>
-     <li>Question 9
+     <li>Which of the following is a function of merchant banks?
          <ol type="a">
-             <li>Option a</li>
+             <li>Acting as bankers’ bank</li>
-             <li>Option b</li>
+             <li>Lending to the commercial banks as a last resort </li>
-             <li>Option c</li>
+             <li>Controlling inflation in the economy </li>
-             <li>Option d</li>
+             <li>Underwriting and issuing of shares.</li>
          </ol>
      </li>
-     <li>Question 10
+     <li>Demand is elastic when percentage change in
          <ol type="a">
              <li>Option a</li>