2010 Economics WAEC SSCE (School Candidates) May/June: Difference between revisions

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     <li>At the highest level of total utility, marginal utility is  
     <li>At the highest level of total utility, marginal utility is  
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>negative</li>
             <li>Option b</li>
             <li>positive and falling </li>
             <li>Option c</li>
             <li>positive and rising</li>
             <li>Option d</li>
             <li>zero</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 12
     <li>The law of diminishing marginal utility states that, the more a commodity is consumed the
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>higher the satisfaction derived from an additional unit</li>
             <li>Option b</li>
             <li>higher the price </li>
             <li>Option c</li>
             <li>lower the quantity supplied</li>
             <li>Option d</li>
             <li>lower the rate of increase in the total utility derived</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 13
     <li>Greater inter-dependence among workers in production is associated with
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>utility </li>
             <li>Option b</li>
             <li>manufacturing</li>
             <li>Option c</li>
             <li>division of labour</li>
             <li>Option d</li>
             <li>factory workers</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 14
     <li>If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>TC=FC-VC </li>
             <li>Option b</li>
             <li>FC=TC+VC </li>
             <li>Option c</li>
             <li>TC>FC+VC </li>
             <li>Option d</li>
             <li>TC =FC+VC </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 15
     <li>The reward to land as a factor of production is
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>profit </li>
             <li>Option b</li>
             <li>rent</li>
             <li>Option c</li>
             <li>interest</li>
             <li>Option d</li>
             <li>wage</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 16
     <li>A firm is said to be a public joint stock company when it
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>is owned by the government</li>
             <li>Option b</li>
             <li>sells its shares to members of the public</li>
             <li>Option c</li>
             <li>operates as a government corporation</li>
             <li>Option d</li>
             <li>is not legally recognised as a firm</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 17
     <li>All the following are sources of finance to a joint stock company except
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>debentures</li>
             <li>Option b</li>
             <li>cooperative loans</li>
             <li>Option c</li>
             <li>shares</li>
             <li>Option d</li>
             <li>bank loans</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 18
     <li>The public sector of an economy includes
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>cooperative societies</li>
             <li>Option b</li>
             <li>nationalised industries. </li>
             <li>Option c</li>
             <li>joint stock companies</li>
             <li>Option d</li>
             <li>pressure groups</li> </ol>
        </ol>
     </li>
     </li>
     <li>Question 19
     <li>One advantage of the Sole Proprietorship over other forms of business organisations is that it can
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>make very high profits</li>
             <li>Option b</li>
             <li>employ many workers</li>
             <li>Option c</li>
             <li>keep its affairs private</li><li>produce on a very large scale</li>
            <li>Option d</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 20
     <li>Which of the following is obtainable in a perfect market
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>P=MR>AR </li>
             <li>Option b</li>
             <li>MR=MC>P </li>
             <li>Option c</li>
             <li>MR<P </li>
             <li>Option d</li>
             <li>P=MR=MC  </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 21
     <li>The wholesaler peforms the following functions except <ol type="a">
        <ol type="a">
             <li>breaking the bulk </li>
             <li>Option a</li>
             <li>offering credit facilities to consumers </li>
             <li>Option b</li>
             <li>financing manufacturers </li>
             <li>Option c</li>
             <li>buying in bulk from manufacturers </li>
             <li>Option d</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 22
     <li>The table above shows the age distribution of country A in 1983. Using the data in the table, calculate the percentage of working population in 1983.
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>48%</li>
             <li>Option b</li>
             <li>52%</li>
             <li>Option c</li>
             <li>57%</li>
             <li>Option d</li>
             <li>70%</li>
         </ol>
         </ol>
     </li>
     </li>
Line 188: Line 185:
     <li>Question 24
     <li>Question 24
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li></li>
             <li>Option b</li>
             <li></li>
             <li>Option c</li>
             <li>Option c</li>
             <li>Option d</li>
             <li>Option d</li>

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Economics 1 - Objective

  1. The following are examples of economic goods except
    1. bottled water
    2. air
    3. household utensils
    4. shelter
  2. A tent-making factory offers
    1. personal services
    2. indirect services
    3. social services
    4. reflex services
  3. In which of the following economic systems do we have mostly private ownership of resources and individual decision making?
    1. Capitalist system
    2. Socialist system
    3. Mixed system
    4. Traditional system
  4. The sum of items divided by the number of items is the
    1. frequency
    2. mean
    3. median
    4. mode
  5. Find the median of the following set of scores:8,9,6,5
    1. 9
    2. 8
    3. 6
    4. 5
  6. Which of the following causes the demand curve to shift to the right?
    1. A reduction in the size of population
    2. An increase in the income of the buyer
    3. The availability of substitutes
    4. A decrease in price of the good
  7. Goods for which demand rises as income rises are
    1. complementary goods
    2. inferior goods
    3. normal goods
    4. substitutes.
  8. The slope of a supply curve is
    1. horizontal
    2. uniform
    3. positive
    4. vertical
  9. Equilibrium price is the price at which quantity
    1. demanded is greater than quantity supplied
    2. supplied is greater than quantity demanded
    3. demanded is equal to quantity supplied
    4. supplied equals quantity produced
  10. A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to
    1. unchanged
    2. remain elastic
    3. remain inelastic
    4. rise
  11. At the highest level of total utility, marginal utility is
    1. negative
    2. positive and falling
    3. positive and rising
    4. zero
  12. The law of diminishing marginal utility states that, the more a commodity is consumed the
    1. higher the satisfaction derived from an additional unit
    2. higher the price
    3. lower the quantity supplied
    4. lower the rate of increase in the total utility derived
  13. Greater inter-dependence among workers in production is associated with
    1. utility
    2. manufacturing
    3. division of labour
    4. factory workers
  14. If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?
    1. TC=FC-VC
    2. FC=TC+VC
    3. TC>FC+VC
    4. TC =FC+VC
  15. The reward to land as a factor of production is
    1. profit
    2. rent
    3. interest
    4. wage
  16. A firm is said to be a public joint stock company when it
    1. is owned by the government
    2. sells its shares to members of the public
    3. operates as a government corporation
    4. is not legally recognised as a firm
  17. All the following are sources of finance to a joint stock company except
    1. debentures
    2. cooperative loans
    3. shares
    4. bank loans
  18. The public sector of an economy includes
    1. cooperative societies
    2. nationalised industries.
    3. joint stock companies
    4. pressure groups
  19. One advantage of the Sole Proprietorship over other forms of business organisations is that it can
    1. make very high profits
    2. employ many workers
    3. keep its affairs private
    4. produce on a very large scale
  20. Which of the following is obtainable in a perfect market
    1. P=MR>AR
    2. MR=MC>P
    3. MR<P
    4. P=MR=MC
  21. The wholesaler peforms the following functions except
    1. breaking the bulk
    2. offering credit facilities to consumers
    3. financing manufacturers
    4. buying in bulk from manufacturers
  22. The table above shows the age distribution of country A in 1983. Using the data in the table, calculate the percentage of working population in 1983.
    1. 48%
    2. 52%
    3. 57%
    4. 70%
  23. Question 23
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  24. Question 24
    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 four 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
  7. 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
  8. 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
  9. 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
  10. 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
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