2018 Economics WAEC SSCE (School Candidates) May/June: Difference between revisions

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=== Economics 1 - Objective ===
=== Economics 1 - Objective ===
<ol>
<ol>
     <li>Question 1
     <li>Economic problems arise in all societies because
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>resources are mismanaged by leaders</li>
             <li>Option b</li>
             <li>there is no proper planning</li>
             <li>Option c</li>
             <li>resources are not in adequate supply</li>
             <li>Option d</li>
             <li>the services of economists are not employed. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 2
     <li>Which of the following is not emphasized in a production possibility curve?
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>scarcity of resources</li>
             <li>Option b</li>
             <li>economic development</li>
             <li>Option c</li>
             <li>inefficiency in the use of resources</li>
             <li>Option d</li>
             <li>unemployment of labour.</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 3
     <li>The organisation of productive factors is the responsibility of the
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>management</li>
             <li>Option b</li>
             <li>entrepreneur</li>
             <li>Option c</li>
             <li>production manager</li>
             <li>Option d</li>
             <li>labour union</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 4
     <li>Producers operating in a free market economy are more efficient as a result of
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>the existence of competition</li>
             <li>Option b</li>
             <li>the very few number of participants</li>
             <li>Option c</li>
             <li>the commitment of the shareholders</li>
             <li>Option d</li>
             <li>government's regulation of their activities</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 5
     <li>In a pie chart, the population of a city is represented by a sector 45°. If the country has a population of 10 million people, then the city’s population is
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>0.0045 million</li>
             <li>Option b</li>
             <li>4.5 million</li>
             <li>Option c</li>
             <li>1.25 million</li>
             <li>Option d</li>
             <li>16 million</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 6
     <li>A downward sloping demand curve means that
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>total revenue declines as price is lowered</li>
             <li>Option b</li>
             <li>demand falls as output rises</li>
             <li>Option c</li>
             <li>demand falls as output falls</li>
             <li>Option d</li>
             <li>price must be lowered to sell more</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 7
     <li>If the price of commodity '''X''' rises and consumers shift to commodity '''Y''', then commodities '''X''' and '''Y''' are
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>substitutes</li>
             <li>Option b</li>
             <li>complements</li>
             <li>Option c</li>
             <li>inferior goods</li>
             <li>Option d</li>
             <li>bought together</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 8
     <li>Goods whose demands vary directly with money income are called
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>inferior goods</li>
             <li>Option b</li>
             <li>complementary goods</li>
             <li>Option c</li>
             <li>substitute goods</li>
             <li>Option d</li>
             <li>normal goods</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 9
     <li>An exceptional demand curve can result from
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>increase in price of raw materials</li>
             <li>Option b</li>
             <li>increase in the size of the population</li>
             <li>Option c</li>
             <li>expectation of future price increase</li>
             <li>Option d</li>
             <li>change in taste of the consumer.</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 10
     <li>Palm oil and palm kernel are in
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>joint supply</li>
             <li>Option b</li>
             <li>competitive demand</li>
             <li>Option c</li>
             <li>competitive supply</li>
             <li>Option d</li>
             <li>complementary demand</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 11
     <li>.Which of the following is '''true''' about '''supply of land?''' It
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>is higher in the urban than rural areas</li>
             <li>Option b</li>
             <li>varies with time</li>
             <li>Option c</li>
             <li>rises with demand</li>
             <li>Option d</li>
             <li>is fixed</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 12
     <li>The backward bending supply curve of labour indicates
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>an abnormal supply situation</li>
             <li>Option b</li>
             <li>the law of supply</li>
             <li>Option c</li>
             <li>that labour supply and wage rate are directly related</li>
             <li>Option d</li>
             <li>that the elasticity of supply is uniform.</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 13
     <li>A supply curve parallel to the X-axis indicates
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>fairly elastic supply</li>
             <li>Option b</li>
             <li>infinitely elastic supply</li>
             <li>Option c</li>
             <li>fairly inelastic supply</li>
             <li>Option d</li>
             <li>perfectly inelastic supply</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 14
     <li>If the marginal utility of a commodity is equal to its price, then
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>the consumer is in equilibrium</li>
             <li>Option b</li>
             <li>more of the commodity can be consumed</li>
             <li>Option c</li>
             <li>total utility is also equal to its price</li>
             <li>Option d</li>
             <li>the market is not in equilibrium. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 15
     <li>A price floor is usually fixed
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>at the equilibrium and causes shortage</li>
             <li>Option b</li>
             <li>above the equilibrium and causes shortage</li>
             <li>Option c</li>
             <li>below the equilibrium and causes surpluses</li>
             <li>Option d</li>
             <li>above the equilibrium and causes surpluses. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 16
     <li>A market is in equilibrium when
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>there is no government intervention</li>
             <li>Option b</li>
             <li>the demand is the same as the supply </li>
             <li>Option c</li>
             <li>buyers and sellers are free to sell more goods </li>
             <li>Option d</li>
             <li>there is no free entry and exit. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 17
     <li>A firm’s average cost decreases in the long-run because of
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>increasing returns to scale</li>
             <li>Option b</li>
             <li>diminishing average returns</li>
             <li>Option c</li>
             <li>decreasing marginal returns</li>
             <li>Option d</li>
             <li>decreasing average fixed cost. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 18
     <li>“The larger a firm, the lower its cost of production”. This statement explains the
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>law of diminishing returns</li>
             <li>Option b</li>
             <li>concept of economics of scale</li>
             <li>Option c</li>
             <li>law of comparative cost advantage</li>
             <li>Option d</li>
             <li>theory of division of labour.</li>
         </ol>
         </ol>
     </li>
     </li>

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Economics 1 - Objective

  1. Economic problems arise in all societies because
    1. resources are mismanaged by leaders
    2. there is no proper planning
    3. resources are not in adequate supply
    4. the services of economists are not employed.
  2. Which of the following is not emphasized in a production possibility curve?
    1. scarcity of resources
    2. economic development
    3. inefficiency in the use of resources
    4. unemployment of labour.
  3. The organisation of productive factors is the responsibility of the
    1. management
    2. entrepreneur
    3. production manager
    4. labour union
  4. Producers operating in a free market economy are more efficient as a result of
    1. the existence of competition
    2. the very few number of participants
    3. the commitment of the shareholders
    4. government's regulation of their activities
  5. In a pie chart, the population of a city is represented by a sector 45°. If the country has a population of 10 million people, then the city’s population is
    1. 0.0045 million
    2. 4.5 million
    3. 1.25 million
    4. 16 million
  6. A downward sloping demand curve means that
    1. total revenue declines as price is lowered
    2. demand falls as output rises
    3. demand falls as output falls
    4. price must be lowered to sell more
  7. If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are
    1. substitutes
    2. complements
    3. inferior goods
    4. bought together
  8. Goods whose demands vary directly with money income are called
    1. inferior goods
    2. complementary goods
    3. substitute goods
    4. normal goods
  9. An exceptional demand curve can result from
    1. increase in price of raw materials
    2. increase in the size of the population
    3. expectation of future price increase
    4. change in taste of the consumer.
  10. Palm oil and palm kernel are in
    1. joint supply
    2. competitive demand
    3. competitive supply
    4. complementary demand
  11. .Which of the following is true about supply of land? It
    1. is higher in the urban than rural areas
    2. varies with time
    3. rises with demand
    4. is fixed
  12. The backward bending supply curve of labour indicates
    1. an abnormal supply situation
    2. the law of supply
    3. that labour supply and wage rate are directly related
    4. that the elasticity of supply is uniform.
  13. A supply curve parallel to the X-axis indicates
    1. fairly elastic supply
    2. infinitely elastic supply
    3. fairly inelastic supply
    4. perfectly inelastic supply
  14. If the marginal utility of a commodity is equal to its price, then
    1. the consumer is in equilibrium
    2. more of the commodity can be consumed
    3. total utility is also equal to its price
    4. the market is not in equilibrium.
  15. A price floor is usually fixed
    1. at the equilibrium and causes shortage
    2. above the equilibrium and causes shortage
    3. below the equilibrium and causes surpluses
    4. above the equilibrium and causes surpluses.
  16. A market is in equilibrium when
    1. there is no government intervention
    2. the demand is the same as the supply
    3. buyers and sellers are free to sell more goods
    4. there is no free entry and exit.
  17. A firm’s average cost decreases in the long-run because of
    1. increasing returns to scale
    2. diminishing average returns
    3. decreasing marginal returns
    4. decreasing average fixed cost.
  18. “The larger a firm, the lower its cost of production”. This statement explains the
    1. law of diminishing returns
    2. concept of economics of scale
    3. law of comparative cost advantage
    4. theory of division of labour.
  19. Question 19
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  20. Question 20
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  21. Question 21
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  22. Question 22
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  23. Question 23
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  24. Question 24
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  25. Question 25
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  26. Question 26
    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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