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
Price fixed above the equilibrium is to
1. protect agricultural producers.
2. discourage agricultural producers.
3. lower the price of agricultural produce
4. favour consumers
A consumer purchasing a commodity x will maximize his satisfaction if
1. Px=MUx
2. Px=MUx
3. Px>MUx
4. Px<MUx
When total utility is constant it means marginal utitlity is
1. increasing
2. zero
3. decreasing
4. one
A rational consumer is one
1. spends his income to maximize satisfaction
2. s not influenced by advertisement
3. behaves in a particular way all the time
4. knows the prices of all goods and buys the cheapest
Which of the following is not true about land
1. the supply is fixed
2. land is mobile
3. it is subject to diminishing returns
4. land is heterogenous
The type of production that involves the tapping and harnessing of natural resources is
1. primary production
2. secondary production
3. tertiary production
4. industrial production
Which of the following does not change in the short run
1. variable cost
2. marginal cost
3. total cost
4. fixed cost
The resources used in production are called
1. variable inputs
2. factors of production
3. capital for production
4. fixed inputs
A firm will shut down in the long run if its earning is
1. less than normal profit
2. greater than normal profit
3. equal to supernormal profit
4. less than supernormal profit
A market structure where profit is maximized when marginal revenue, marginal cost and price are equal is known as
1. perfect competition
2. monopoly
3. Oligopoly
4. imperfect competition
In which of the following markets does a firm have the power to make supernormal profits both in short run and long run
1. monopoly
2. duopoly
3. Oligopoly
4. monopsony
If there are no barriers to entering a market, it means that
1. anyone can become a buyer or seller
2. unwanted goods can always enter the market
3. the market becomes a dumping ground
4. the goods are not inspected
A firms main aim is to
1. survive in business
2. maximize profits
3. increase its market share
4. satisfy the ambitions of its manager
One reason for the elimination of middlemen is that they
1. cause increase in price
2. help in price stability
3. grade and blend goods
4. are too many
The increase in population growth of big cities is referred to as
1. settlement
2. migration
3. industrialization
4. urbanization
Frictional unemployment can be reduced by
1. encouraging the use of restraining scheme
2. removing barrier to labour mobility
3. restricting the introduction of new technology
4. lowering the level of wages paid to young people
If the labour force of a country is 2.5 million and 2 million are employed, what is the unemployment rate?
1. 0.2%
2. 20%
3. 200%
4. 250%
The grouping of population according to the economic activities people engage in is
1. age distribution
2. geographical distribution
3. geographical distribution
4. occupational distribution
Natural growth rate of population can be defined as the
1. difference between birth rate and death rate
2. number of births in a year
3. increase in the population growths in a year
4. difference between the total population and the death rate
Which of the following is not a consequence of increased unemployment
1. a fall in the tax revenue for the government
2. a reduction in trade unions influence
3. a fall in the rate
4. an increase in the labour force
The following are features of substance agriculture except
1. little capital
2. processing of raw materials
3. small allotments of land
4. use of crude implements
Which of the following is not true of small companies? They
1. cannot benefit from economies of scale.
2. are a good source of small jobs
3. can satisfy demand in specialist markets
4. have a good record of technical innovation
The effect of privatization on the industrial sector of a country is that it
1. ensures efficiency
2. discourages efficiency
3. leads to decrease in output
4. leads to liquidation
The production strategy used in an over populated country is
1. import substitution
2. capital intensive
3. labour intensive
4. first come first employed
National income is used to measure
1. a country's population size
2. a country’s economic growth
3. the human level of human development
4. The flow of imports to a country
. A tax is regressive if the
1. rate
2. tax is constant at all income levels
3. rate of tax increases as income increases
4. tax is direct rather than indirect
When a country’s net income from abroad is added to its total output, the result is
1. gross domestic product
2. net national product.
3. gross national product
4. net domestic product.
A fall in national output will necessitate
1. a rise in expenditure on imports
2. a rise in the level of savings
3. an increase in consumption expenditure
4. a rise in the standard of living
The demand for money to take advantage of changes in bond prices is the
1. unforeseen motive
2. transaction motive
3. speculative motive
4. precautionary motive
cost push inflation is caused by a
1. rise in the cost of production
2. decrease in the transportation cost
3. rise in the demand for goods
4. decrease in the cost of production
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 237: / Line 237: @@
      <li>Which of the following is not a consequence of increased unemployment
          <ol type="a">
-             <li>reduction in trade unions influence</li>
+             <li>a fall in the tax revenue for the government</li>
-             <li>fall in the rate</li>
+            <li>a reduction in trade unions influence</li>
+             <li>a fall in the rate</li>
              <li>an increase in the labour force</li>
-            <li>Option d</li>
          </ol>
      </li>
-     <li>Question 31
+     <li>The following are features of substance agriculture except
          <ol type="a">
-             <li>Option a</li>
+             <li>little capital</li>
-             <li>Option b</li>
+             <li>processing of raw materials</li>
-             <li>Option c</li>
+             <li>small allotments of land</li>
-             <li>Option d</li>
+             <li>use of crude implements</li>
          </ol>
      </li>
-     <li>Question 32
+     <li>Which of the following is not true of small companies? They
          <ol type="a">
-             <li>Option a</li>
+             <li>cannot benefit from economies of scale.</li>
-             <li>Option b</li>
+             <li>are a good source of small jobs</li>
-             <li>Option c</li>
+             <li>can satisfy demand in specialist markets</li>
-             <li>Option d</li>
+             <li>have a good record of technical innovation</li>
          </ol>
      </li>
-     <li>Question 33
+     <li>The effect of privatization on the industrial sector of a country is that it
          <ol type="a">
-             <li>Option a</li>
+             <li>ensures efficiency</li>
-             <li>Option b</li>
+             <li>discourages efficiency</li>
-             <li>Option c</li>
+             <li>leads to decrease in output</li>
-             <li>Option d</li>
+             <li>leads to liquidation</li>
          </ol>
      </li>
-     <li>Question 34
+     <li>The production strategy used in an over populated country is
          <ol type="a">
-             <li>Option a</li>
+             <li>import substitution</li>
-             <li>Option b</li>
+             <li>capital intensive</li>
-             <li>Option c</li>
+             <li>labour intensive</li>
-             <li>Option d</li>
+             <li>first come first employed</li>
          </ol>
      </li>
-     <li>Question 35
+     <li>National income is used to measure
          <ol type="a">
-             <li>Option a</li>
+             <li>a country's population size</li>
-             <li>Option b</li>
+             <li>a country’s economic growth</li>
-             <li>Option c</li>
+             <li>the human level of human development</li>
-             <li>Option d</li>
+             <li>The flow of imports to a country</li>
          </ol>
      </li>
-     <li>Question 36
+     <li>. A tax is regressive if the
          <ol type="a">
-             <li>Option a</li>
+             <li>rate</li>
-             <li>Option b</li>
+             <li>tax is constant at all income levels</li>
-             <li>Option c</li>
+             <li>rate of tax increases as income increases</li>
-             <li>Option d</li>
+             <li>tax is direct rather than indirect</li>
          </ol>
      </li>
-     <li>Question 37
+     <li>When a country’s net income from abroad is added to its total output, the result is
          <ol type="a">
-             <li>Option a</li>
+             <li>gross domestic product</li>
-             <li>Option b</li>
+             <li>net national product.</li>
-             <li>Option c</li>
+             <li>gross national product</li>
-             <li>Option d</li>
+             <li>net domestic product.</li>
          </ol>
      </li>
-     <li>Question 38
+     <li>A fall in national output will necessitate
          <ol type="a">
-             <li>Option a</li>
+             <li>a rise in expenditure on imports</li>
-             <li>Option b</li>
+             <li>a rise in the level of savings</li>
-             <li>Option c</li>
+             <li>an increase in consumption expenditure</li>
-             <li>Option d</li>
+             <li>a rise in the standard of living</li>
          </ol>
      </li>
-     <li>Question 39
+     <li>The demand for money to take advantage of changes in bond prices is the
          <ol type="a">
-             <li>Option a</li>
+             <li>unforeseen motive</li>
-             <li>Option b</li>
+             <li>transaction motive</li>
-             <li>Option c</li>
+             <li>speculative motive</li>
-             <li>Option d</li>
+             <li>precautionary motive</li>
          </ol>
      </li>
-     <li>Question 40
+     <li>cost push inflation is caused by a
          <ol type="a">
-             <li>Option a</li>
+             <li>rise in the cost of production</li>
-             <li>Option b</li>
+             <li>decrease in the transportation cost</li>
-             <li>Option c</li>
+             <li>rise in the demand for goods</li>
-             <li>Option d</li>
+             <li>decrease in the cost of production</li>
          </ol>
      </li>