2012 Economics WAEC SSCE (School Candidates) May/June: Difference between revisions
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<li> | <li>Which of the following best describes the mode? The | ||
<ol type="a"> | <ol type="a"> | ||
<li> | <li>observation with the highest frequency</li> | ||
<li> | <li>average of two middle numbers</li> | ||
<li> | <li>item that occupies the middle position</li> | ||
<li> | <li>difference of two extreme values</li> | ||
</ol> | </ol> | ||
</li> | </li> | ||
<li> | <li>Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be | ||
<ol type="a"> | <ol type="a"> | ||
<li> | <li>unitary elastic</li> | ||
<li> | <li>price inelastic</li> | ||
<li> | <li>fairly elastic</li> | ||
<li> | <li>income inelastic</li> | ||
</ol> | </ol> | ||
</li> | </li> | ||
<li> | <li>A demand schedule shows the quantities of goods that are | ||
<ol type="a"> | <ol type="a"> | ||
<li> | <li>bought at given prices at a time</li> | ||
<li> | <li>supplied at given prices at a time</li> | ||
<li> | <li>produced at given prices at a time</li> | ||
<li> | <li>reserved for future consumption</li> | ||
</ol> | </ol> | ||
</li> | </li> | ||
<li> | <li>The demand curve for a commodity is downward sloping because the consumer will pay | ||
<ol type="a"> | <ol type="a"> | ||
<li> | <li>less as the marginal utility falls</li> | ||
<li> | <li>more as the marginal utility falls</li> | ||
<li> | <li>less as the total utility falls</li><li>more as the average utility falls</li> | ||
</ol> | </ol> | ||
</li> | </li> | ||
<li> | <li>A decrease in the demand for a product X resulted in a decrease in the demand for another product Y. The demand for X and Y is | ||
<ol type="a"> | <ol type="a"> | ||
<li> | <li>derived </li> | ||
<li> | <li>composite</li> | ||
<li> | <li>joint</li> | ||
<li> | <li>competitive</li> | ||
</ol> | </ol> | ||
</li> | </li> | ||
<li> | <li>Any price below the equilibrium price will lead to | ||
<ol type="a"> | <ol type="a"> | ||
<li> | <li>increase in supply</li> | ||
<li> | <li>excess demand</li> | ||
<li> | <li>equality of demand and supply</li> | ||
<li> | <li>decrease in demand</li> | ||
</ol> | </ol> | ||
</li> | </li> | ||
<li> | <li>The allocation of goods and services in a free-market economy is performed by | ||
<ol type="a"> | <ol type="a"> | ||
<li> | <li>the price system</li> | ||
<li> | <li>the banking system</li> | ||
<li> | <li>the central planning body</li> | ||
<li> | <li>government budgets</li> | ||
</ol> | </ol> | ||
</li> | </li> | ||
<li> | <li>Given the demand function '''Qd''' = 20-½ '''P.''' What is '''Qd''' when P is $12? | ||
<ol type="a"> | <ol type="a"> | ||
<li> | <li>6 units</li> | ||
<li> | <li>10 units</li> | ||
<li> | <li>12 units</li> | ||
<li> | <li>14 units</li> </ol> | ||
</li> | </li> | ||
<li> | <li>If a particular consumer derives total utility of 22 units having consumed 4 units of a given product, his average utility will be | ||
<ol type="a"> | <ol type="a"> | ||
<li> | <li>88 units</li> | ||
<li> | <li>18 units</li> | ||
<li> | <li>5.5 units</li> | ||
<li> | <li>3.5 units</li> | ||
</ol> | </ol> | ||
</li> | </li> | ||
<li> | <li>The law of diminishing marginal utility applies to a | ||
<ol type="a"> | <ol type="a"> | ||
<li> | <li>firm which minimizes cost</li> | ||
<li> | <li>consumer who maximizes satisfaction</li> | ||
<li> | <li>producer who maximizes marginal product</li> | ||
<li> | <li>consumer who minimizes total utility</li> | ||
</ol> | </ol> | ||
</li> | </li> |
Revision as of 15:38, 4 August 2024
Economics 1 - Objective
- Which of the following problems arises where there are more than one technically possible methods of production?
- Where to produce
- For whom to produce
- How to produce
- What to produce
- Visible balance is also known as
- terms of trade
- balance of payments
- balance of trade
- capital balance
- A shift in the demand curve indicates
- exceptional demand
- change in demand
- change in quantity demanded
- elasticity of demand
- If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as
- elastic
- unitary elastic
- perfectly inelastic
- perfectly elastic
- A condition for consumer utility maximization is
- equality of the ratio of marginal utilities and the ratio of prices
- equality of the ratio of average utilities and the ratio of prices
- equality of the marginal utility to total utility ratio for both commodities
- total utility and marginal utility must be zero.
- Which of the following best describes the mode? The
- observation with the highest frequency
- average of two middle numbers
- item that occupies the middle position
- difference of two extreme values
- Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be
- unitary elastic
- price inelastic
- fairly elastic
- income inelastic
- A demand schedule shows the quantities of goods that are
- bought at given prices at a time
- supplied at given prices at a time
- produced at given prices at a time
- reserved for future consumption
- The demand curve for a commodity is downward sloping because the consumer will pay
- less as the marginal utility falls
- more as the marginal utility falls
- less as the total utility falls
- more as the average utility falls
- A decrease in the demand for a product X resulted in a decrease in the demand for another product Y. The demand for X and Y is
- derived
- composite
- joint
- competitive
- Any price below the equilibrium price will lead to
- increase in supply
- excess demand
- equality of demand and supply
- decrease in demand
- The allocation of goods and services in a free-market economy is performed by
- the price system
- the banking system
- the central planning body
- government budgets
- Given the demand function Qd = 20-½ P. What is Qd when P is $12?
- 6 units
- 10 units
- 12 units
- 14 units
- If a particular consumer derives total utility of 22 units having consumed 4 units of a given product, his average utility will be
- 88 units
- 18 units
- 5.5 units
- 3.5 units
- The law of diminishing marginal utility applies to a
- firm which minimizes cost
- consumer who maximizes satisfaction
- producer who maximizes marginal product
- consumer who minimizes total utility
- Question 16
- Option a
- Option b
- Option c
- Option d
- Question 17
- Option a
- Option b
- Option c
- Option d
- Question 18
- Option a
- Option b
- Option c
- Option d
- Question 19
- Option a
- Option b
- Option c
- Option d
- Question 20
- Option a
- Option b
- Option c
- Option d
- Question 21
- Option a
- Option b
- Option c
- Option d
- Question 22
- Option a
- Option b
- Option c
- Option d
- Question 23
- Option a
- Option b
- Option c
- Option d
- Question 24
- Option a
- Option b
- Option c
- Option d
- Question 25
- Option a
- Option b
- Option c
- Option d
- Question 26
- Option a
- Option b
- Option c
- Option d
- Question 27
- Option a
- Option b
- Option c
- Option d
- Question 28
- Option a
- Option b
- Option c
- Option d
- Question 29
- Option a
- Option b
- Option c
- Option d
- Question 30
- Option a
- Option b
- Option c
- Option d
- Question 31
- Option a
- Option b
- Option c
- Option d
- Question 32
- Option a
- Option b
- Option c
- Option d
- Question 33
- Option a
- Option b
- Option c
- Option d
- Question 34
- Option a
- Option b
- Option c
- Option d
- Question 35
- Option a
- Option b
- Option c
- Option d
- Question 36
- Option a
- Option b
- Option c
- Option d
- Question 37
- Option a
- Option b
- Option c
- Option d
- Question 38
- Option a
- Option b
- Option c
- Option d
- Question 39
- Option a
- Option b
- Option c
- Option d
- Question 40
- Option a
- Option b
- Option c
- Option d
- Question 41
- Option a
- Option b
- Option c
- Option d
- Question 42
- Option a
- Option b
- Option c
- Option d
- Question 43
- Option a
- Option b
- Option c
- Option d
- Question 44
- Option a
- Option b
- Option c
- Option d
- Question 45
- Option a
- Option b
- Option c
- Option d
- Question 46
- Option a
- Option b
- Option c
- Option d
- Question 47
- Option a
- Option b
- Option c
- Option d
- Question 48
- Option a
- Option b
- Option c
- Option d
- Question 49
- Option a
- Option b
- Option c
- Option d
- Question 50
- Option a
- Option b
- Option c
- Option d
Economics 2 - Essay
Section A
Answer one question only from this section.
- Question 1
- Sub-question a
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question b
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question c
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question d
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question e
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question f
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question a
- Question 2
- Sub-question a
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question b
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question c
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question d
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question e
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question f
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question a
Section B
Answer four questions only from this section.
- Question 3
- Sub-question a
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question b
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question c
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question d
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question e
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question f
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question a
- Question 4
- Sub-question a
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question b
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question c
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question d
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question e
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question f
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question a
- Question 5
- Sub-question a
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question b
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question c
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question d
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question e
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question f
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question a
- Question 6
- Sub-question a
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question b
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question c
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question d
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question e
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question f
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question a
- Question 7
- Sub-question a
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question b
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question c
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question d
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question e
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question f
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question a
- Question 8
- Sub-question a
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question b
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question c
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question d
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question e
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question f
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question a
- Question 9
- Sub-question a
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question b
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question c
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question d
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question e
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question f
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question a
- Question 10
- Sub-question a
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question b
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question c
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question d
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question e
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question f
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question a
- Question 11
- Sub-question a
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question b
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question c
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question d
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question e
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question f
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question a
- Question 12
- Sub-question a
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question b
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question c
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question d
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question e
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question f
- Sub-question i
- Sub-question ii
- Sub-question iii
- Sub-question iv
- Sub-question v
- Sub-question a