2016 Economics WAEC SSCE (School Candidates) May/June

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Economics 1 - Objective

  1. Human wants are insatiable because wants are A. limited while means are scarce. B_ unlimited and means are also unlimited C limited and means are also limited D. unlimited while means are scarce.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  2. Scale of preference is important for the following reasons except in A. satisfying wants B. making rational choice C. making optional allocation of resources. D. using scarce resources efficiently.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  3. In a socialist economy, prices of commodities are determined by A. forces of demand and supply. B. producers of the commodities C. the central planning authority D. consumers who are sovereign.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  4. Which of the following cannot be classified as land in economics? A. bauxite deposit in the ground B. a lake used for irrigation C. a bulldozer for clearing farmland =D. grazing field for
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  5. If the budget of the country was $7,200.00, how much is allocated to Education?. A. $2,400.00 B. $2,000.00 C
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  6. What is the ratio of expenditure on health to Agriculture? =A. 2:3 B.3:4 C.4:3 D. 5:4
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  7. The demand curve for a necessity is usually A. vertical B. backward bending C. horizontal D. nagatively sloped
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  8. What effect will an increase in price have on the total revenue of a farm whose product has inelastic demand? Total revenue will A. increase B.fall C. fluctuate D. remain unchanged
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  9. If the quantity of men’s hat demanded per week is represented by the function Qd = 20-1/3p, where p is price, how many hats are demanded when ne price is $9.00? A. 11 B.17 C.23
    1. Option a
    2. Option b
    3. Option c
    4. 47
  10. The demand for torch and batteries is an example 11. of A.competitive demand B. composite demand C. complementary demand D
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  11. Price elasticity f suppluy measures how responsive A. consumers are to a change in price. B. sellers are to a change in buyers’ income C. sellers are to a change in price D. buyers are to a change in income.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  12. The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to A positively sloping supply curve B. perfectly elastic supply curve C. backward bending supply curve D. perfectly inelastic supply curve.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  13. The supply of rice in tons Is given by the function: Qs - 80 - 0.7p = 0 where Qs = quantity supplied p = price in Dollars ($). Find Qs, when p = $40. A 108 tons B 52tons C.-52 tons D -108 tons
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  14. How does producers’ expectation of a price fall affect the supply curve of a product? There will be A. a movement along the curve __B. a leftward shift C. no shift of the supply curve D. a shift of the right.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  15. One relationship between marginal utility and total utility is A. rising, marginal utility is rising B. falling, marginal utility is negative C. maximum, marginal utility is maximum D. falling, marginal utility is rising.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  16. A shift in the supply curve to the right while demand curve remains the same will cause equilibrium price A. and quantity to fall B. and quantity to rise C. to rise and quantity to fall _D. to fall and quantity to rise.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  17. A price floor results in A. excess demand B. excess supply C. parallel market D. hording of goods.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  18. entrepreneur is encouraged to adopt division of labour in production because it A. provides more employment opportunities B. leads to increased output and lower cost of production C. brings about equal cost and employment opportunities D. leads to increased cost of production and lower output.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  19. The long run is the period when A. only the variable factors can be altered B. all factors become variable C. the firm will cease to exist D. only the fixed factors can altered
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  20. The necessary condition for a firm to be in equilibrium is that marginal revenue is A. greater than marginal cost B. equal to marginal cost C. less than average revenue D. equal to average cost.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  21. At which stage of production should a firm shut down? Whan A. AVC =ATC B. AVC = < price C.AVC=>price D.AVC=MC.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  22. Charging different prices for the same commodity is a feature of A. perfect competion B. commodity market C. monopolistic competition D. monopoly market.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  23. Ina partnership, the conduct of members is guided by A. a memorandum of understanding B. the article of partnership C. an article of association D. a partnership constitution.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  24. Indigenization policy is a measure aimed at...... privatizing the existing business owned by the state B. commercializing state-owned business C. reducing foreign economic domination D. making the indigenes managing directors of businesses.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  25. Which of the following measures will hinder efficient distribution of goods in West Africa? A. improving road network
    1. Option a
    2. B. provision of adequate storage facilities instituting price control D. Formation of producers’ co-operative
    3. instituting price control
    4. Formation of producers’ co-operative
  26. he type of unemployment that occurs as a result of physical o
    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 three 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
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