2012 Economics WAEC SSCE (School Candidates) May/June: Difference between revisions

From WikiQuestions
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         </ol>
         </ol>
     </li>
     </li>
     <li>Question 26
     <li>Which of the following is a function of a retailer?
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>Banking services</li>
             <li>Option b</li>
             <li>Hoarding services</li>
             <li>Option c</li>
             <li>Storage services</li>
             <li>Option d</li>
             <li>Sales services</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 27
     <li>The difference between the number of immigrants and emigrants is
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>natural growth rate</li>
             <li>Option b</li>
             <li>natural increase</li>
             <li>Option c</li>
             <li>net migration</li>
             <li>Option d</li>
             <li>census</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 28
     <li>All the following are features of optimum population except
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>full employment of available resources.</li>
             <li>Option b</li>
             <li>unlimited amount of unexploited resources.</li>
             <li>Option c</li>
             <li>maximum per capita production and income.</li>
             <li>Option d</li>
             <li>high standard of living.</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 29
     <li>The financial institution that specializes in risk spreading is called
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>an investment bank.</li>
             <li>Option b</li>
             <li>a development bank.</li>
             <li>Option c</li>
             <li>an insurance company.</li>
             <li>Option d</li>
             <li>the stock exchange.</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 30
     <li>The following are means of reducing the population of a country except encouraging
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>emigration</li>
             <li>Option b</li>
             <li>family planning</li>
             <li>Option c</li>
             <li>early marriage</li>
             <li>Option d</li>
             <li>sex education</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 31
     <li>Which of the following features best describes peasant agriculture in West Africa’?
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>specializes in the production of one crop.</li>
             <li>Option b</li>
             <li>involves the use of small farm holdings.</li>
             <li>Option c</li>
             <li>is a capital-intensive system of farming. </li>
             <li>Option d</li>
             <li>is mostly associated with tree crops. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 32
     <li>One of the problems facing industrial development in West African countries is
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>inadequate large market.</li>
             <li>Option b</li>
             <li>inadequate infrastructure.</li>
             <li>Option c</li>
             <li>inadequate supply of labour.</li>
             <li>Option d</li>
             <li>unavailability of natural resources</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 33
     <li>Inasituation where the finished product of an industry is fragile, bulky and perishable, such an industry should be located close to its
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>raw materials</li>
             <li>Option b</li>
             <li>market</li>
             <li>Option c</li>
             <li>labour supply</li>
             <li>Option d</li>
             <li>power supply</li>
         </ol>
         </ol>
     </li>
     </li>

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Economics 1 - Objective

  1. Which of the following problems arises where there are more than one technically possible methods of production?
    1. Where to produce
    2. For whom to produce
    3. How to produce
    4. What to produce
  2. Visible balance is also known as
    1. terms of trade
    2. balance of payments
    3. balance of trade
    4. capital balance
  3. A shift in the demand curve indicates
    1. exceptional demand
    2. change in demand
    3. change in quantity demanded
    4. elasticity of demand
  4. If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as
    1. elastic
    2. unitary elastic
    3. perfectly inelastic
    4. perfectly elastic
  5. A condition for consumer utility maximization is
    1. equality of the ratio of marginal utilities and the ratio of prices
    2. equality of the ratio of average utilities and the ratio of prices
    3. equality of the marginal utility to total utility ratio for both commodities
    4. total utility and marginal utility must be zero.
  6. Which of the following best describes the mode? The
    1. observation with the highest frequency
    2. average of two middle numbers
    3. item that occupies the middle position
    4. difference of two extreme values
  7. Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be
    1. unitary elastic
    2. price inelastic
    3. fairly elastic
    4. income inelastic
  8. A demand schedule shows the quantities of goods that are
    1. bought at given prices at a time
    2. supplied at given prices at a time
    3. produced at given prices at a time
    4. reserved for future consumption
  9. The demand curve for a commodity is downward sloping because the consumer will pay
    1. less as the marginal utility falls
    2. more as the marginal utility falls
    3. less as the total utility falls
    4. more as the average utility falls
  10. 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
    1. derived
    2. composite
    3. joint
    4. competitive
  11. Any price below the equilibrium price will lead to
    1. increase in supply
    2. excess demand
    3. equality of demand and supply
    4. decrease in demand
  12. The allocation of goods and services in a free-market economy is performed by
    1. the price system
    2. the banking system
    3. the central planning body
    4. government budgets
  13. Given the demand function Qd = 20-½ P. What is Qd when P is $12?
    1. 6 units
    2. 10 units
    3. 12 units
    4. 14 units
  14. If a particular consumer derives total utility of 22 units having consumed 4 units of a given product, his average utility will be
    1. 88 units
    2. 18 units
    3. 5.5 units
    4. 3.5 units
  15. The law of diminishing marginal utility applies to a
    1. firm which minimizes cost
    2. consumer who maximizes satisfaction
    3. producer who maximizes marginal product
    4. consumer who minimizes total utility
  16. Why is the law of diminishing returns a short run phenomenon?
    1. All inputs are fixed
    2. All inputs are variable
    3. some outputs are variable
    4. some inputs are variable
  17. Which of the following is capable of increasing the population of a country?
    1. Decrease in death rate
    2. Increase in death rate
    3. Poor medical facilities
    4. Decrease in birth rate
  18. In the firm's production process, marginal cost
    1. falls continuously throughout
    2. falls and later rises
    3. remains unchanged throughout
    4. rises and later falls
  19. If a firm's price is less than average cost but more than average variable cost, the firm is covering
    1. All of its fixed cost and variable cost
    2. All of its fixed cost and part of variable cost
    3. All of its variable cost and part of fixed cost
    4. Part of its fixed cost and part of variable cost
  20. An arrangement in which the debts of a company can only be paid from Its own assets implies
    1. unlimited liability
    2. transferred liability
    3. limited liability
    4. capital liability
  21. One reason why small scale businesses are very common in West Africa is that
    1. they can easily float shares
    2. their management boards are easily formed
    3. their initial capital is easy to raise
    4. their dividend payments are very regular
  22. A public limited company could finance its operations through
    1. government taxes
    2. equity shares
    3. dividend payments
    4. import duties
  23. The factor of production which takes the initiative in combining resources for production is known as
    1. capital
    2. land
    3. entrepreneur
    4. labour
  24. The type of monopoly that develops as a result of granting patent right is known as
    1. natural monopoly
    2. state monopoly
    3. legal monopoly
    4. discriminating monopoly
  25. Which of the following markets determines its own price or output?
    1. perfect market
    2. common market
    3. Monopoly market
    4. commodity market
  26. Which of the following is a function of a retailer?
    1. Banking services
    2. Hoarding services
    3. Storage services
    4. Sales services
  27. The difference between the number of immigrants and emigrants is
    1. natural growth rate
    2. natural increase
    3. net migration
    4. census
  28. All the following are features of optimum population except
    1. full employment of available resources.
    2. unlimited amount of unexploited resources.
    3. maximum per capita production and income.
    4. high standard of living.
  29. The financial institution that specializes in risk spreading is called
    1. an investment bank.
    2. a development bank.
    3. an insurance company.
    4. the stock exchange.
  30. The following are means of reducing the population of a country except encouraging
    1. emigration
    2. family planning
    3. early marriage
    4. sex education
  31. Which of the following features best describes peasant agriculture in West Africa’?
    1. specializes in the production of one crop.
    2. involves the use of small farm holdings.
    3. is a capital-intensive system of farming.
    4. is mostly associated with tree crops.
  32. One of the problems facing industrial development in West African countries is
    1. inadequate large market.
    2. inadequate infrastructure.
    3. inadequate supply of labour.
    4. unavailability of natural resources
  33. Inasituation where the finished product of an industry is fragile, bulky and perishable, such an industry should be located close to its
    1. raw materials
    2. market
    3. labour supply
    4. power supply
  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