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 | <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 | <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 | <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 | <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 | <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 | <li>movement of goods and services by middlemen to urban centres.</li> | ||
<li>transfer of goods and services from | <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 | <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 | <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 | <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 | <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]] |
Latest revision as of 08:19, 28 May 2025
Economics 1 - Objective
- Economics can be best defined as the study of
- how to spend the family income efficiently.
- how to find minimum cost of production.
- the interpretation of scarce resources and data.
- how scarce resources can be used efficiently.
- why resources are scarce.
- 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
- I and Il only
- l and Ill only
- I, II and II only
- I, lI and IV only
- Il, Ill and IV only
- It is generally believed that inflation in West Africa is caused by all the factors listed below except.
- bank lending.
- budget deficit.
- rising income.
- shortage in supply.
- decrease in money supply.
- All the following are specific examples of indirect taxes except.
- purchases taxes.
- import duty.
- export duty.
- excise duty.
- poll tax.
- Demand in Economics is synonymous with
- needs
- wants of the consumers
- all good demanded in the market
- wants supported with ability to pay
- all consumer goods.
- All the following factors will cause a change in demand except
- the consumer’s income.
- the consumer’s taste.
- a change in population size.
- a change in weather conditions.
- the price of the commodity.
- A rational consumer tends to do all of the following except
- buying more at a higher price than a lower price.
- buying more at a low price than at a high price.
- at utility maximization.
- reacting to price changes.
- complying with the law of demand.
- A firm that charges different prices for goods and services that have the same technical qualities is called
- a perfect competition.
- a monopsony.
- an oligopoly.
- a discriminating monopoly.
- a duopoly.
- A perfect market has all the following features except that
- there are many buyers and low sellers.
- the commodities bought and sold are homogeneous.
- there is free entry and exit.
- buyers and sellers have perfect knowledge of the market.
- there is only one ruling price.
- The purchasing power of the naira will fall when
- workers are retrenched.
- the colour of the naira is changed.
- the government cuts all salaries and wages.
- there is Inflation.
- the naira is overvalued.
- Time deposit has the same meaning as
- current account.
- demand deposit.
- deposit account.
- bank deposit.
- bank rate.
- Which of the following best explains an Inflationary situation at current price level?
- Demand, Supply
- Demand Supply
- Demand=Supply
- Demand/Supply
- Demand=Zero
- The theory of consumer behaviour is based on all the following assumption except that the
- consumer is assumed irrational.
- consumer's taste remains constant.
- consumers has a budget constraint.
- consumer aims at maximizing his utility.
- consumer is exposed to more than on commodity.
- The Joint Stock Company can be a private company whose minimum membership is
- 2.
- 5.
- 7.
- 10.
- 20.
- Limited liability in Economics means that
- a shareholder's liability in the event of debt or bankruptcy is limited to the amount he has invested.
- a shareholder’s liability for the debt of the company is dependent on how much he is owing.
- shareholders cannot be asked to pay for the debts of the company.
- shareholders try to ensure that only a small proportion of the debt comes to them.
- shareholders want all debts to be paid equally.
- Regressive tax is not a good tax system because it
- is not convenient to pay.
- is not certain what to pay.
- is not economical to collect.
- does not ensure equity in payment.
- is not neutral to price trends
- The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the
- ECOWAS.
- I. M.F.
- OPEC
- N. N. P. C.
- E. C. A.
- Which of the following is not a member of OPEC?
- Indonesia
- Iran
- Venezuela
- United Arab Emirate
- Egypt
- Which of the following statement is not true of capital income?
- It helps in the assessment of standard of living.
- It is calculated as National Income Population
- It is calculated as Population National Income
- It is used by the UNO to assess and assist developing countries
- It is used as one of the indicators of economic growth.
- The notion of short-run and long-run periods is responsible for grouping costs into
- fixed and variable.
- implicit and explicit.
- average and total.
- capital and running.
- money and opportunity.
- Which of the following statements is not true of cheques? They
- provide an alternative to carrying large sums of money around.
- can be written out for any amount needed.
- are legal tender.
- provide a form of receipt.
- provide a record of payments made.
- The liquidity ratio of a commercial bank refers to the
- proportion of the bank's total assets which should be held in cash and liquid form.
- total amount of cash for the bank's treasury.
- total amount of cash for the bank in the Central Bank.
- proportion of the bank's cash that should be on loan.
- proportion of the bank's cash and assets that should be kept with other banks.
- Which of the following are not agents of distribution?
- Wholesalers
- Retailers
- Consumer
- Government agencies
- Co-operative societies.
- One of the greatest demerits of the middlemen in Nigeria is that they
- increase the prices of goods and services at will.
- sell in small units only.
- store goods in warehouse that are not spacious enough.
- sell on credit to retailers only.
- do not advertise their goods.
- When a business has unlimited liability
- the owners are not responsible for all its financial debts.
- all its profits can be taxed by the government.
- the owners are responsible for all its financial debts.
- all its assets belong to the members of its board of directors.
- it ceases to exist at the death of one of its owners.
- When a country has a large labour force, it is beneficial to use a method of production which is
- capital intensive.
- land intensive.
- labour intensive.
- mechanically intensive.
- technically intensive.
- Which of the following are determinants of the rate of population growth?
- Birth rate, immigration and death rate
- Birth rate, death rate and emigration
- Death rate, birth rate and net migration
- Migration, large families and birth rate
- Death rate, migration and mortality rate
- The concentration of industries in one area is referred to as
- location of industries.
- multiplication of industries.
- pluralisation of industries.
- proliferation of industries.
- localisation of industries.
- Which of the following best describes the budget?
- A plan of government's needs and expenditure for a year
- detailed estimate of government financial operation for a year
- satisfactory balance between income and expenditure for one year
- plan for importation of essential goods and services for one year
- plan for control of government industries and corporations for one year.
- Which of the following is not done by the N. N. P. C.?
- Production of crude oil
- Refining of crude oil
- Exploration for crude oil
- Exportation of crude oil
- Pricing of crude oil
- One major function of the Central Bank is to
- mint money.
- hold demand deposits and honour cheques.
- act as a medium of exchange.
- create money.
- control and regulate money supply.
- Distribution involves the
- movement of raw materials to the production centres.
- transfer of goods and serves from one market to another.
- movement of goods and services by middlemen to urban centres.
- transfer of goods and services from wholesalers to consumers.
- transfer of goods and service from production centre to consumers.
- Disguised unemployment
- is a statistical artifact with no economic meaning.
- can be eliminated it the capital output ratio is increased.
- can be eliminated if the press is free.
- calls for the implementation of five year plans.
- exists when manpower is not being utilized efficiently.
- The Nigerian economy can best be described as a
- socialist economy.
- capitalist economy.
- mixed economy.
- controlled economy.
- domestic economy.
- 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 |
- diminishing marginal utility.
- diminishing marginal productivity.
- diminishing returns
- increasing returns.
- increase productivity.
- The amount of money to be created by commercial banks is actually influenced by the
- legal reserve ratio.
- external reserve.
- external borrowing
- availability of money and capital market.
- bank deposits.
- Another name for the International Bank for Reconstruction and Development (IBRD) is
- International Monetary Fund.
- International Development Bank.
- World Bank.
- International Bank of Africa.
- International Bank for West Africa.
- The headquarters of the Organization of Petroleum Exporting Countries (OPEC) is in
- Geneva, Switzerland.
- Vienna, Austria.
- Paris, France.
- London, England.
- New York, USA.
- The wholesaler provides all the following services to the manufacturer except.
- warehousing.
- financing production.
- marketing the product.
- granting credit.
- after-sales services.
- The country that makes the largest contribution to the IMF is
- The USA.
- Britain.
- West Germany.
- France.
- Norway.
- 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%
- What is the mean score of the students' marks?
- How many students passed the examination?
- What percentage of the students failed the examination?
- What is the range of the scores?
- How many students scored below the mean score?
- 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.
- Determine the equilibrium price and quantity bought and sold at that price.
- If the price of the commodity is fixed at N60.00, what is the magnitude of the excess supply?
- Distinguish briefly but clearly between opportunity cost and money cost.
- Discuss the factors that should motivate a producer to supply more of a commodity.
- Despite having about 75% of their labour force in agriculture, West African countries cannot meet their domestic food requirement. Discuss.
- What is inflation? What efforts have been made by the government to combat inflation in Nigeria?
- Outline the difficulties encountered by tax collectors in Nigeria.
- Give reasons for development planning in Nigeria.
- How can the Nigerian National Petroleum Corporation achieve internal economies of scale?
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 |
Section B
Answer three questions only from this section.