1990 Economics WAEC SSCE (School Candidates) May/June: Difference between revisions

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             <li>Demand=Zero</li> </ol>
             <li>Demand=Zero</li> </ol>
     </li>
     </li>
     <li>The theory of consumer behaviour is based on all the following assurption except that the
     <li>The theory of consumer behaviour is based on all the following assumption except that the
         <ol type="a">
         <ol type="a">
             <li>consumer is assumed irrational.</li>
             <li>consumer is assumed irrational.</li>
             <li>consumer's taste romains constant.</li>
             <li>consumer's taste remains constant.</li>
             <li>consumers has a budget constraint.</li>
             <li>consumers has a budget constraint.</li>
             <li>consumer aims at maximizing his utility.</li>
             <li>consumer aims at maximizing his utility.</li>
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     <li>Limited liability in Economics means that
     <li>Limited liability in Economics means that
         <ol type="a">
         <ol type="a">
             <li>a shareholder's liability in the ovent of dobt or bankruptcy is lirited to the amount he has invested.</li>
             <li>a shareholder's liability in the event of debt or bankruptcy is limited to the amount he has invested.</li>
             <li>a shareholder’s liability for the debt of the company is dependent on how much he is owing.</li>
             <li>a shareholder’s liability for the debt of the company is dependent on how much he is owing.</li>
             <li>shareholders cannot be asked to pay for the debts of the company.</li>
             <li>shareholders cannot be asked to pay for the debts of the company.</li>
             <li>shareholders try to ensure that only a smal proportion of the debt comes to them.</li>
             <li>shareholders try to ensure that only a small proportion of the debt comes to them.</li>
             <li>shareholders want all debts to be paid equally.</li> </ol>
             <li>shareholders want all debts to be paid equally.</li> </ol>
     </li>
     </li>
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             <li>Death rate, migration and mortality rate</li> </ol>
             <li>Death rate, migration and mortality rate</li> </ol>
     </li>
     </li>
     <li>The concentration of industries in one area is refered to as
     <li>The concentration of industries in one area is referred to as
         <ol type="a">
         <ol type="a">
             <li>location of industries.</li>
             <li>location of industries.</li>
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             <li>movement of raw materials to the production centres.</li>
             <li>movement of raw materials to the production centres.</li>
             <li>transfer of goods and serves from one market to another.</li>
             <li>transfer of goods and serves from one market to another.</li>
             <li>movement of goods and services by middlernen to urban centres.</li>
             <li>movement of goods and services by middlemen to urban centres.</li>
             <li>transfer of goods and services from wholosalers to consumers.</li>
             <li>transfer of goods and services from wholesalers to consumers.</li>
             <li>transfer of goods and service from production centre to consumers.</li> </ol>
             <li>transfer of goods and service from production centre to consumers.</li> </ol>
     </li>
     </li>
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             <li>can be eliminated if the press is free.</li>
             <li>can be eliminated if the press is free.</li>
             <li>calls for the implementation of five year plans.</li>
             <li>calls for the implementation of five year plans.</li>
             <li>exists when manpower is not being utilizod efficiently.</li> </ol>
             <li>exists when manpower is not being utilized efficiently.</li> </ol>
     </li>
     </li>
     <li>The Nigerian economy can best be described as a
     <li>The Nigerian economy can best be described as a
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     <li>Another name for the International Bank for Reconstruction and Development (IBRD) is  
     <li>Another name for the International Bank for Reconstruction and Development (IBRD) is  
         <ol type="a">
         <ol type="a">
             <li>International Monotary Fund.</li>
             <li>International Monetary Fund.</li>
             <li>International Development Bank.</li>
             <li>International Development Bank.</li>
             <li>World Bank.</li>
             <li>World Bank.</li>
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<ol>
<ol>
     <li>The raw scores of 20 students of Utopia High School who took part in an examination in Econornics are given below.The pass mark is 40%
     <li>The raw scores of 20 students of Utopia High School who took part in an examination in Economics are given below. The pass mark is 40%
         <ol type="a">
         <ol type="a">
             <li>What is the mean score of the students' marks? </li>
             <li>What is the mean score of the students' marks? </li>
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     <li>Despite having about 75% of their labour force in agriculture, West African countries cannot meet their domestic food requirement. Discuss. </li>
     <li>Despite having about 75% of their labour force in agriculture, West African countries cannot meet their domestic food requirement. Discuss. </li>
     <li>What is inflation? What efforts have been made by the government to combat inflation in Nigeria? </li>
     <li>What is inflation? What efforts have been made by the government to combat inflation in Nigeria? </li>
     <li>Outline the difficulties encoutered by tax collectors in Nigeria. </li>
     <li>Outline the difficulties encountered by tax collectors in Nigeria. </li>
     <li>Give reasons for development planning in Nigeria. </li>
     <li>Give reasons for development planning in Nigeria. </li>
     <li>How can the Nigerian National Petroleum Corporation achieve internal economies of scale? </li></ol>
     <li>How can the Nigerian National Petroleum Corporation achieve internal economies of scale? </li></ol>
[[Category:WAEC Economics]]
[[Category:WAEC Economics]]

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Economics 1 - Objective

  1. Economics can be best defined as the study of
    1. how to spend the family income efficiently.
    2. how to find minimum cost of production.
    3. the interpretation of scarce resources and data.
    4. how scarce resources can be used efficiently.
    5. why resources are scarce.
  2. Which of the following are reasons for holding money instead of investing it? I. Transaction motive II. Precautionary motive III. Speculative motive IV. Liquidity motive
    1. I and Il only
    2. l and Ill only
    3. I, II and II only
    4. I, lI and IV only
    5. Il, Ill and IV only
  3. It is generally believed that inflation in West Africa is caused by all the factors listed below except.
    1. bank lending.
    2. budget deficit.
    3. rising income.
    4. shortage in supply.
    5. decrease in money supply.
  4. All the following are specific examples of indirect taxes except.
    1. purchases taxes.
    2. import duty.
    3. export duty.
    4. excise duty.
    5. poll tax.
  5. Demand in Economics is synonymous with
    1. needs
    2. wants of the consumers
    3. all good demanded in the market
    4. wants supported with ability to pay
    5. all consumer goods.
  6. All the following factors will cause a change in demand except
    1. the consumer’s income.
    2. the consumer’s taste.
    3. a change in population size.
    4. a change in weather conditions.
    5. the price of the commodity.
  7. A rational consumer tends to do all of the following except
    1. buying more at a higher price than a lower price.
    2. buying more at a low price than at a high price.
    3. at utility maximization.
    4. reacting to price changes.
    5. complying with the law of demand.
  8. A firm that charges different prices for goods and services that have the same technical qualities is called
    1. a perfect competition.
    2. a monopsony.
    3. an oligopoly.
    4. a discriminating monopoly.
    5. a duopoly.
  9. A perfect market has all the following features except that
    1. there are many buyers and low sellers.
    2. the commodities bought and sold are homogeneous.
    3. there is free entry and exit.
    4. buyers and sellers have perfect knowledge of the market.
    5. there is only one ruling price.
  10. The purchasing power of the naira will fall when
    1. workers are retrenched.
    2. the colour of the naira is changed.
    3. the government cuts all salaries and wages.
    4. there is Inflation.
    5. the naira is overvalued.
  11. Time deposit has the same meaning as
    1. current account.
    2. demand deposit.
    3. deposit account.
    4. bank deposit.
    5. bank rate.
  12. Which of the following best explains an Inflationary situation at current price level?
    1. Demand, Supply
    2. Demand Supply
    3. Demand=Supply
    4. Demand/Supply
    5. Demand=Zero
  13. The theory of consumer behaviour is based on all the following assumption except that the
    1. consumer is assumed irrational.
    2. consumer's taste remains constant.
    3. consumers has a budget constraint.
    4. consumer aims at maximizing his utility.
    5. consumer is exposed to more than on commodity.
  14. The Joint Stock Company can be a private company whose minimum membership is
    1. 2.
    2. 5.
    3. 7.
    4. 10.
    5. 20.
  15. Limited liability in Economics means that
    1. a shareholder's liability in the event of debt or bankruptcy is limited to the amount he has invested.
    2. a shareholder’s liability for the debt of the company is dependent on how much he is owing.
    3. shareholders cannot be asked to pay for the debts of the company.
    4. shareholders try to ensure that only a small proportion of the debt comes to them.
    5. shareholders want all debts to be paid equally.
  16. Regressive tax is not a good tax system because it
    1. is not convenient to pay.
    2. is not certain what to pay.
    3. is not economical to collect.
    4. does not ensure equity in payment.
    5. is not neutral to price trends
  17. The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the
    1. ECOWAS.
    2. I. M.F.
    3. OPEC
    4. N. N. P. C.
    5. E. C. A.
  18. Which of the following is not a member of OPEC?
    1. Indonesia
    2. Iran
    3. Venezuela
    4. United Arab Emirate
    5. Egypt
  19. Which of the following statement is not true of capital income?
    1. It helps in the assessment of standard of living.
    2. It is calculated as National Income Population
    3. It is calculated as Population National Income
    4. It is used by the UNO to assess and assist developing countries
    5. It is used as one of the indicators of economic growth.
  20. The notion of short-run and long-run periods is responsible for grouping costs into
    1. fixed and variable.
    2. implicit and explicit.
    3. average and total.
    4. capital and running.
    5. money and opportunity.
  21. Which of the following statements is not true of cheques? They
    1. provide an alternative to carrying large sums of money around.
    2. can be written out for any amount needed.
    3. are legal tender.
    4. provide a form of receipt.
    5. provide a record of payments made.
  22. The liquidity ratio of a commercial bank refers to the
    1. proportion of the bank's total assets which should be held in cash and liquid form.
    2. total amount of cash for the bank's treasury.
    3. total amount of cash for the bank in the Central Bank.
    4. proportion of the bank's cash that should be on loan.
    5. proportion of the bank's cash and assets that should be kept with other banks.
  23. Which of the following are not agents of distribution?
    1. Wholesalers
    2. Retailers
    3. Consumer
    4. Government agencies
    5. Co-operative societies.
  24. One of the greatest demerits of the middlemen in Nigeria is that they
    1. increase the prices of goods and services at will.
    2. sell in small units only.
    3. store goods in warehouse that are not spacious enough.
    4. sell on credit to retailers only.
    5. do not advertise their goods.
  25. When a business has unlimited liability
    1. the owners are not responsible for all its financial debts.
    2. all its profits can be taxed by the government.
    3. the owners are responsible for all its financial debts.
    4. all its assets belong to the members of its board of directors.
    5. it ceases to exist at the death of one of its owners.
  26. When a country has a large labour force, it is beneficial to use a method of production which is
    1. capital intensive.
    2. land intensive.
    3. labour intensive.
    4. mechanically intensive.
    5. technically intensive.
  27. Which of the following are determinants of the rate of population growth?
    1. Birth rate, immigration and death rate
    2. Birth rate, death rate and emigration
    3. Death rate, birth rate and net migration
    4. Migration, large families and birth rate
    5. Death rate, migration and mortality rate
  28. The concentration of industries in one area is referred to as
    1. location of industries.
    2. multiplication of industries.
    3. pluralisation of industries.
    4. proliferation of industries.
    5. localisation of industries.
  29. Which of the following best describes the budget?
    1. A plan of government's needs and expenditure for a year
    2. detailed estimate of government financial operation for a year
    3. satisfactory balance between income and expenditure for one year
    4. plan for importation of essential goods and services for one year
    5. plan for control of government industries and corporations for one year.
  30. Which of the following is not done by the N. N. P. C.?
    1. Production of crude oil
    2. Refining of crude oil
    3. Exploration for crude oil
    4. Exportation of crude oil
    5. Pricing of crude oil
  31. One major function of the Central Bank is to
    1. mint money.
    2. hold demand deposits and honour cheques.
    3. act as a medium of exchange.
    4. create money.
    5. control and regulate money supply.
  32. Distribution involves the
    1. movement of raw materials to the production centres.
    2. transfer of goods and serves from one market to another.
    3. movement of goods and services by middlemen to urban centres.
    4. transfer of goods and services from wholesalers to consumers.
    5. transfer of goods and service from production centre to consumers.
  33. Disguised unemployment
    1. is a statistical artifact with no economic meaning.
    2. can be eliminated it the capital output ratio is increased.
    3. can be eliminated if the press is free.
    4. calls for the implementation of five year plans.
    5. exists when manpower is not being utilized efficiently.
  34. The Nigerian economy can best be described as a
    1. socialist economy.
    2. capitalist economy.
    3. mixed economy.
    4. controlled economy.
    5. domestic economy.
  35. This table illustrates the law of
Units of quantity consumed Total Utility Marginal Utility
0
1 10 10
2 15 5
3 17 2
4 18 1
5 18 0
    1. diminishing marginal utility.
    2. diminishing marginal productivity.
    3. diminishing returns
    4. increasing returns.
    5. increase productivity.
    1. The amount of money to be created by commercial banks is actually influenced by the
      1. legal reserve ratio.
      2. external reserve.
      3. external borrowing
      4. availability of money and capital market.
      5. bank deposits.
    2. Another name for the International Bank for Reconstruction and Development (IBRD) is
      1. International Monetary Fund.
      2. International Development Bank.
      3. World Bank.
      4. International Bank of Africa.
      5. International Bank for West Africa.
    3. The headquarters of the Organization of Petroleum Exporting Countries (OPEC) is in
      1. Geneva, Switzerland.
      2. Vienna, Austria.
      3. Paris, France.
      4. London, England.
      5. New York, USA.
    4. The wholesaler provides all the following services to the manufacturer except.
      1. warehousing.
      2. financing production.
      3. marketing the product.
      4. granting credit.
      5. after-sales services.
    5. The country that makes the largest contribution to the IMF is
      1. The USA.
      2. Britain.
      3. West Germany.
      4. France.
      5. Norway.

    Economics 2 - Essay

    Section A

    Answer one question only from this section.

    38 28 70 43
    39 20 64 66
    12 46 52 53
    20 34 48 69
    18 20 64 34
    1. The raw scores of 20 students of Utopia High School who took part in an examination in Economics are given below. The pass mark is 40%
      1. What is the mean score of the students' marks?
      2. How many students passed the examination?
      3. What percentage of the students failed the examination?
      4. What is the range of the scores?
      5. How many students scored below the mean score?
    2. The demand and supply function of a commodity are given as follows: Quantity demanded (Qd) = 20 - 2p Quantity supplied (Qs) = 6P - 12 where P = price in naira.
      1. Determine the equilibrium price and quantity bought and sold at that price.
      2. If the price of the commodity is fixed at N60.00, what is the magnitude of the excess supply?

    Section B

    Answer three questions only from this section.

    1. Distinguish briefly but clearly between opportunity cost and money cost.
    2. Discuss the factors that should motivate a producer to supply more of a commodity.
    3. Despite having about 75% of their labour force in agriculture, West African countries cannot meet their domestic food requirement. Discuss.
    4. What is inflation? What efforts have been made by the government to combat inflation in Nigeria?
    5. Outline the difficulties encountered by tax collectors in Nigeria.
    6. Give reasons for development planning in Nigeria.
    7. How can the Nigerian National Petroleum Corporation achieve internal economies of scale?