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

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(Added Obj 1-18)
(Added Obj 19-30)
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         </ol>
         </ol>
     </li>
     </li>
     <li>Question 19
{| class="wikitable"
|+ Use the table below to answer question 19 and 20
|-
| Quantity || 0 || 1 || 2 || 3 || 4 || 5 || 6 || 7
|-
| Total Cost || 20 || 25 || 28 || 30 || 38 || 55 || 92 || 135
|}
     <li>The total fixed cost is
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>$7.00</li>
             <li>Option b</li>
             <li>$30.00</li>
             <li>Option c</li>
             <li>$20.00</li>
             <li>Option d</li>
             <li>$135.00</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 20
     <li>At output level 5, the total variable cost is
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>$5.00</li>
             <li>Option b</li>
             <li>$20.00</li>
             <li>Option c</li>
             <li>$55.00</li>
             <li>Option d</li>
             <li>$35.00</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 21
     <li>In the long-run. A firm must shut down if its average revenue is
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>greater than average cost</li>
             <li>Option b</li>
             <li>less than average variable cost</li>
             <li>Option c</li>
             <li>equal to the minimum average cost</li>
             <li>Option d</li>
             <li>equal to the average cost. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 22
     <li>Public limited liability companies are democratic in nature because
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>government appointees are members of the board</li>
             <li>Option b</li>
             <li>they are run by elected public officers</li>
             <li>Option c</li>
             <li>electoral principles are adopted in the day-to-day management</li>
             <li>Option d</li>
             <li>shareholders elect the board of directors. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 23
     <li>In the event of bankruptcy, owners of joint-stock companies lose
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>their private properties</li>
             <li>Option b</li>
             <li>both company and private assets</li>
             <li>Option c</li>
             <li>only the capital invested</li>
             <li>Option d</li>
             <li>only their dividends</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 24
     <li>Wholesalers play an important role in the distribution of goods and services because they
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>are located very close to consumers</li>
             <li>Option b</li>
             <li>finance both producers and retailers</li>
             <li>Option c</li>
             <li>pass information on from retailers to consumers</li>
             <li>Option d</li>
             <li>sell in small units to consumers products</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 25
     <li>If workers at the school canteen cannot sell during the holidays, this is an example of
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>structural unemployment</li>
             <li>Option b</li>
             <li>frictional unemployment </li>
             <li>Option c</li>
             <li>Seasonal unemployment  </li>
             <li>Option d</li>
             <li>residual unemployment. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 26
     <li>Positive checks as envisaged by Thomas Malthus can be prevented if
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>death rate is reduced</li>
             <li>Option b</li>
             <li>marriage is abolished</li>
             <li>Option c</li>
             <li>more hospitals are built</li>
             <li>Option d</li>
             <li>moral restraint is adopted</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 27
     <li>Which of the following factors is not a reason for farmer's unstable incomes?
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>dependence on too many crops</li>
             <li>Option b</li>
             <li>poor storage facilities</li>
             <li>Option c</li>
             <li>adverse weather condition</li>
             <li>Option d</li>
             <li>recession in the world economy. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 28
     <li>Local firms can help in reducing unemployment in a country when
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>land acquisitions becomes centralized</li>
             <li>Option b</li>
             <li>imports of substitutes are reduced</li>
             <li>Option c</li>
             <li>waste in the firm is eliminated</li>
             <li>Option d</li>
             <li>subsidies to firms are decreased. </li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 29
     <li>An industry is described as a group of firms
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>that provides jobs for many people</li>
             <li>Option b</li>
             <li>which uses advance technology in production</li>
             <li>Option c</li>
             <li>which produces similar products </li>
             <li>Option d</li>
             <li>that provides jobs for few people</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 30
     <li>The largest component of national income in developing countries consists of
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>profits</li>
             <li>Option b</li>
             <li>profit and rent</li>
             <li>Option c</li>
             <li>rent</li>
             <li>Option d</li>
             <li>wages and salaries</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. Use the table below to answer question 19 and 20
    Quantity 0 1 2 3 4 5 6 7
    Total Cost 20 25 28 30 38 55 92 135
  19. The total fixed cost is
    1. $7.00
    2. $30.00
    3. $20.00
    4. $135.00
  20. At output level 5, the total variable cost is
    1. $5.00
    2. $20.00
    3. $55.00
    4. $35.00
  21. In the long-run. A firm must shut down if its average revenue is
    1. greater than average cost
    2. less than average variable cost
    3. equal to the minimum average cost
    4. equal to the average cost.
  22. Public limited liability companies are democratic in nature because
    1. government appointees are members of the board
    2. they are run by elected public officers
    3. electoral principles are adopted in the day-to-day management
    4. shareholders elect the board of directors.
  23. In the event of bankruptcy, owners of joint-stock companies lose
    1. their private properties
    2. both company and private assets
    3. only the capital invested
    4. only their dividends
  24. Wholesalers play an important role in the distribution of goods and services because they
    1. are located very close to consumers
    2. finance both producers and retailers
    3. pass information on from retailers to consumers
    4. sell in small units to consumers products
  25. If workers at the school canteen cannot sell during the holidays, this is an example of
    1. structural unemployment
    2. frictional unemployment
    3. Seasonal unemployment  
    4. residual unemployment.
  26. Positive checks as envisaged by Thomas Malthus can be prevented if
    1. death rate is reduced
    2. marriage is abolished
    3. more hospitals are built
    4. moral restraint is adopted
  27. Which of the following factors is not a reason for farmer's unstable incomes?
    1. dependence on too many crops
    2. poor storage facilities
    3. adverse weather condition
    4. recession in the world economy.
  28. Local firms can help in reducing unemployment in a country when
    1. land acquisitions becomes centralized
    2. imports of substitutes are reduced
    3. waste in the firm is eliminated
    4. subsidies to firms are decreased.
  29. An industry is described as a group of firms
    1. that provides jobs for many people
    2. which uses advance technology in production
    3. which produces similar products
    4. that provides jobs for few people
  30. The largest component of national income in developing countries consists of
    1. profits
    2. profit and rent
    3. rent
    4. wages and salaries
  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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