2013 Economics WAEC SSCE (School Candidates) May/June

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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 economic 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. quantity demanded is greater than percentage change in price.
2. price is greater than percentage change In quantity demanded
3. price is equal to one
4. quantity demanded is zero
A budget is balanced when expected total revenue is
1. greater than expected expenditure
2. less than total expenditure
3. equal to expected expenditure
4. greater than total expenditure.
A co-operative society is a
1. finance house
2. self-help business organization
3. public corporation
4. non democratic business organization
The value of money 1s affected by the
1. speculative motive
2. price level
3. precautionary motive.
4. intervention of development banks
Which the following is a funciton of money
1. Medium of communication
2. Measure of securities
3. Store of wealth
4. Discounting bill of exchange
Which ot re ielowitia is an acest ol a commercial bank?
1. Reserve funds
2. Shareholders’ capital
3. Customer's depost
4. Treasury bill
An inrease in the supply of a commodity X automatically results in an increase in an increase in the supply of another commodity Y. This is a case of A. elastic supply
1. elastic supply
2. joint supply
3. exceptional supply
4. competitive supply
Why would an individual increase his level of consumption during inflationary period?
1. the real value of any amount saved falls over time
2. interest rates are generally low
3. There are varieties of goods to buy.
4. Wages andsalaries stagnate during inflation
The type of monopoly that develops as a result of uneven distribution of resources is called
1. legal monopoly
2. natural monopoly
3. state monopoly
4. international monopoly
A major disadvantage of partnership form of business is that
1. every partner has to be consulted during decision
2. partners could be too friendly with their customers.
3. affairs can be kept private
4. partners could take long holidays
Goods which have been paid for are known as
1. physical goods
2. economic goods.
3. free goods
4. intangible goods
Goods are said to be in competitive demand when they are
1. substitute
2. complmentary
3. jointly demanded
4. identical
In the long run, factors of production are considered to be
1. at maximum
2. fixed
3. variable
4. increasing
Which of the following will shift the demand curve for coca to the right?
1. An increase in consumers' income
2. A rise in the price of cocoa
3. A tax on cocoa farmers
4. A fall in the quantity deemand of cocoa
An agricultural production process that uses more machinery relative to labor is known as
1. a large scale farming
2. capital intensive farming
3. commercial farming
4. land inensive farming
Which of the following will enhance productivity in an economy?
1. The use of obsolete capital
2. Technological change
3. Expansion of land uncer water cultivation
4. An increase in labor force
Post harvest losses in West African countries can be reduced if
1. the land tenure system could be reformed
2. more irrigation schemes could be provided
3. better storage facilities could be provided
4. errosion is controlled
Which of the following best explains what to produce?
1. how much goods are to be produced
2. the combination of resouces to be used
3. which goods andservices to be produced
4. how many wants are to be satisfied
The demands fpr money is described as a
1. competitive demand
2. joint demand
3. derived demand
4. composite demand
Which of the following is the main oucome of a trade union's interference with wage rate? Wages are
1. lowered but more employment opportunities are created.
2. lowered but the employment level remains Unchanged
3. increased and employment levels are unchanged
4. increased but employment levels are reduced
The introduction of tariffs and quotas
1. reduce the price of import
2. increase the demand for locally made goods
3. discourage domestic indusries from becoming more efficient
4. reduce the prices of locally made goods
A government that wants to get more revenue will increase the tax on comodities with a
1. high price of elasticity of demand
2. low price elasticity of demand
3. high-income elasticity of demand
4. low-income elasticity of demand
Which of the following is involved in the money market
1. Building society
2. Development banks
3. Commercial banks
4. Stock exchange
Demand-pull inflation can aptly be described as
1. inflation induced by rising costs of production
2. reduction in government expenditure
3. persistent rise in prices due to an increase in expenditure
4. massive importation of goods from a country with hyperinflation
In order to develop the banking habit of rural dwellers, the traditional money lenders should be
1. proscribed
2. legalized
3. subsidized
4. heavily taxed
All rates of interest in a country are influenced by the
1. bank rate
2. population growth rtae
3. wage rate
4. mortgage rate
Exchange control is a weapon used in regulating
1. barter trade
2. stock trade
3. foreign trade
4. internal trade
When the marginal product is negative, the total product will be
1. constant
2. at a maximum
3. increasing
4. decreasing
Physical productivity is affected by all the underlisted factors except the
1. state of technology
2. quantity of inputs
3. quality of inputs
4. price of output
If a commodity has a high marginal utility, its market price will be
1. stable
2. high
3. zero
4. constant
Price flunctuation is a feature of
1. common market
2. imperfect market
3. supermarket
4. market failure
Which of the following statements is not a feature of a monopoly?
1. seller is allowed to fix his own price
2. buyers and seller are price-takers
3. New entrances are restricted
4. there is only one seller of the commodity
The following are advantages of sole proprietorship except
1. quick and easy decision-making
2. keep his business affairs private
3. assurance of raising huge capital for expansion
4. high level of commitment
Which of the following controls a limited liability company
1. the general manager
2. the managing director
3. pax payers
4. the board of directors
Given that Qd= 80-2p where Qd is quantity demanded and P is the price, what quantity would be when the price (P) is $3?
1. 86 units
2. 80 units
3. 76 units
4. 74 units
Which of the following can be used to calculate the price elasticity of demand
1. percentage change in quantity demand
2. Option b
3. Option c
4. Option d
The main advantage of large scale production is that
1. unit cost of production falls
2. decision making is quick
3. worker-management relationship is improved
4. the quality of the products increases
Which of the following itmens is not included in measuring national income by the income approach?
1. Pofits of companies
2. Rents of property
3. Students' grants and scholarship
4. Wages and salaries of public servants
Gold, diamond, iron ore and limestone are collectively referrred to as
1. human resources
2. mineral resources
3. artificial resources
4. forest resources
Points outsdie a production possibity curve indicate
1. unattainable production levels
2. attainable production levels
3. inefficient, but attainable production levels
4. optimum production levels
The International Bank for Reconstruction and Development (IBRD) is important to developing countries because
1. gives aid for defence
2. offers loans for public projects
3. offers aid to finance private projects
4. give loans for legal proceedings

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