2011 Economics WAEC SSCE (School Candidates) May/June: Difference between revisions

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Economics 1 - Objective

Human wants are
1. limited
2. scarce
3. unlimited
4. in grades
The difference between money cost and real cost of any item is that
1. the real cost is the opportunity cost, while the money cost is the actual amount paid for buying the item
2. the real cost is the opportunity cost while the money cost is the marginal cost
3. money cost is the opportunity cost, while real cost is the actual cost
4. money cost is always greater than real cost
The Production Possibility Curve (PPC) indicates that as more of one good is produced
1. less of the other good is produced
2. the same quantity of the other good is produced
3. more of the other good is produced
4. none of the other good is produced
An arrangement of data in rows and columns is referred to as a
1. graph
2. bar chart
3. pie chart
4. table
A normal demand curve slopes
1. downward from left to right
2. upward from right to left
3. downwards from right to left
4. upwards from left to right
The co-efficient of income elasticity of demand for inferior goods is
1. positive
2. equal to one
3. less than one
4. negative
A 20% rise in the price of Whisky leads to a 30% increase in quantity demanded of schnapps, the cross elasticity of demand is
1. 3.0
2. 2.5
3. 2.3
4. 1.5
Palm oil and palm kernel have
1. competitive supply
2. excess supply
3. joint supply
4. composite supply
A supply curve which ts vertical has elasticity co-efficient of
1. 0
2. 0.5
3. 1.5
4. 2
If the current price of an apple is twice that of last year, it implies that the value of money is
1. stable
2. failing
3. rising
4. getting stronger
Question 11
1. Option a
2. Option b
3. Option c
4. Option d
Question 12
1. Option a
2. Option b
3. Option c
4. Option d
Question 13
1. Option a
2. Option b
3. Option c
4. Option d
Question 14
1. Option a
2. Option b
3. Option c
4. Option d
Question 15
1. Option a
2. Option b
3. Option c
4. Option d
Question 16
1. Option a
2. Option b
3. Option c
4. Option d
Question 17
1. Option a
2. Option b
3. Option c
4. Option d
Question 18
1. Option a
2. Option b
3. Option c
4. Option d
Question 19
1. Option a
2. Option b
3. Option c
4. Option d
Question 20
1. Option a
2. Option b
3. Option c
4. Option d
Question 21
1. Option a
2. Option b
3. Option c
4. Option d
Question 22
1. Option a
2. Option b
3. Option c
4. Option d
Question 23
1. Option a
2. Option b
3. Option c
4. Option d
Question 24
1. Option a
2. Option b
3. Option c
4. Option d
Question 25
1. Option a
2. Option b
3. Option c
4. Option d
Question 26
1. Option a
2. Option b
3. Option c
4. Option d
Question 27
1. Option a
2. Option b
3. Option c
4. Option d
Question 28
1. Option a
2. Option b
3. Option c
4. Option d
Question 29
1. Option a
2. Option b
3. Option c
4. Option d
Question 30
1. Option a
2. Option b
3. Option c
4. Option d
Question 31
1. Option a
2. Option b
3. Option c
4. Option d
Question 32
1. Option a
2. Option b
3. Option c
4. Option d
Question 33
1. Option a
2. Option b
3. Option c
4. Option d
Question 34
1. Option a
2. Option b
3. Option c
4. Option d
Question 35
1. Option a
2. Option b
3. Option c
4. Option d
Question 36
1. Option a
2. Option b
3. Option c
4. Option d
Question 37
1. Option a
2. Option b
3. Option c
4. Option d
Question 38
1. Option a
2. Option b
3. Option c
4. Option d
Question 39
1. Option a
2. Option b
3. Option c
4. Option d
Question 40
1. Option a
2. Option b
3. Option c
4. Option d
Question 41
1. Option a
2. Option b
3. Option c
4. Option d
Question 42
1. Option a
2. Option b
3. Option c
4. Option d
Question 43
1. Option a
2. Option b
3. Option c
4. Option d
Question 44
1. Option a
2. Option b
3. Option c
4. Option d
Question 45
1. Option a
2. Option b
3. Option c
4. Option d
Question 46
1. Option a
2. Option b
3. Option c
4. Option d
Question 47
1. Option a
2. Option b
3. Option c
4. Option d
Question 48
1. Option a
2. Option b
3. Option c
4. Option d
Question 49
1. Option a
2. Option b
3. Option c
4. Option d
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.

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

@@ Line 3: / Line 3: @@
 === Economics 1 - Objective ===
 <ol>
-     <li>Question 1
+     <li>Human wants are
          <ol type="a">
-             <li>Option a</li>
+             <li>limited</li>
-             <li>Option b</li>
+             <li>scarce</li>
-             <li>Option c</li>
+             <li>unlimited </li>
-             <li>Option d</li>
+             <li>in grades</li>
          </ol>
      </li>
-     <li>Question 2
+     <li>The difference between money cost and real cost of any item is that
          <ol type="a">
-             <li>Option a</li>
+             <li>the real cost is the opportunity cost, while the money cost is the actual amount paid for buying the item</li>
-             <li>Option b</li>
+             <li>the real cost is the opportunity cost while the money cost is the marginal cost</li>
-             <li>Option c</li>
+             <li>money cost is the opportunity cost, while real cost is the actual cost</li>
-             <li>Option d</li>
+             <li>money cost is always greater than real cost</li>
          </ol>
      </li>
-     <li>Question 3
+     <li>The Production Possibility Curve (PPC) indicates that as more of one good is produced
          <ol type="a">
-             <li>Option a</li>
+             <li>less of the other good is produced</li>
-             <li>Option b</li>
+             <li>the same quantity of the other good is produced</li>
-             <li>Option c</li>
+             <li>more of the other good is produced</li>
-             <li>Option d</li>
+             <li>none of the other good is produced</li>
          </ol>
      </li>
-     <li>Question 4
+     <li>An arrangement of data in rows and columns is referred to as a
          <ol type="a">
-             <li>Option a</li>
+             <li>graph </li>
-             <li>Option b</li>
+             <li>bar chart</li>
-             <li>Option c</li>
+             <li>pie chart</li>
-             <li>Option d</li>
+             <li>table</li>
          </ol>
      </li>
-     <li>Question 5
+     <li>A normal demand curve slopes
          <ol type="a">
-             <li>Option a</li>
+             <li>downward from left to right</li>
-             <li>Option b</li>
+             <li>upward from right to left</li>
-             <li>Option c</li>
+             <li>downwards from right to left</li>
-             <li>Option d</li>
+             <li>upwards from left to right</li>
          </ol>
      </li>
-     <li>Question 6
+     <li>The co-efficient of income elasticity of demand for inferior goods is
          <ol type="a">
-             <li>Option a</li>
+             <li>positive</li>
-             <li>Option b</li>
+             <li>equal to one</li>
-             <li>Option c</li>
+             <li>less than one</li>
-             <li>Option d</li>
+             <li>negative</li>
          </ol>
      </li>
-     <li>Question 7
+     <li>A 20% rise in the price of Whisky leads to a 30% increase in quantity demanded of schnapps, the cross elasticity of demand is
          <ol type="a">
-             <li>Option a</li>
+             <li>3.0</li>
-             <li>Option b</li>
+             <li>2.5</li>
-             <li>Option c</li>
+             <li>2.3</li>
-             <li>Option d</li>
+             <li>1.5</li>
          </ol>
      </li>
-     <li>Question 8
+     <li>Palm oil and palm kernel have
          <ol type="a">
-             <li>Option a</li>
+             <li>competitive supply</li>
-             <li>Option b</li>
+             <li>excess supply</li>
-             <li>Option c</li>
+             <li>joint supply</li>
-             <li>Option d</li>
+             <li>composite supply</li>
          </ol>
      </li>
-     <li>Question 9
+     <li>A supply curve which ts vertical has elasticity co-efficient of
          <ol type="a">
-             <li>Option a</li>
+             <li>0</li>
-             <li>Option b</li>
+             <li>0.5</li>
-             <li>Option c</li>
+             <li>1.5</li>
-             <li>Option d</li>
+             <li>2</li>
          </ol>
      </li>
-     <li>Question 10
+     <li>If the current price of an apple is twice that of last year, it implies that the value of money is
          <ol type="a">
-             <li>Option a</li>
+             <li>stable</li>
-             <li>Option b</li>
+             <li>failing</li>
-             <li>Option c</li>
+             <li>rising</li>
-             <li>Option d</li>
+             <li>getting stronger</li>
          </ol>
      </li>