2022 Economics WAEC SSCE (School Candidates) May/June: Difference between revisions

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Economics 1 - Objective

Scale of preference shows
1. incomes of consumers in order of size.
2. utilities enjoyed by consumers.
3. opportunity cost of goods consumed.
4. consumers wants in order of priority.
There is unemployment of resources when production is
1. within the production possibility curve.
2. outside the production possibility curve
3. along the production possibility curve
4. adequate to meet market demand.
A major characteristic of natural resources is that they
1. are unlimited in supply.
2. have high cost of production.
3. are free gifts of nature.
4. do not command any price.
A major disadvantage of a capitalist economy is that it
1. leads to low production of goods and services.
2. requires large number of officials to operate.
3. considers individual consumers' satisfaction.
4. worsens income inequality among the citizens.
The mining sector of an economy contributes 60% to the Gross Domestic Product (GDP).If the GDP is $540 what is the contribution of the mining sector?
1. $90.00
2. $180.00
3. $324.00
4. $350.00
The increase in the demand for a commodity may lead to a decrease in the demand for another if both are
1. in complementary demand.
2. of the same quality
3. in composite demand
4. in composite demand
The demand curve for goods of ostentation is usually
1. negatively sloped
2. positively sloped.
3. vertical
4. horizontal
Which of the following factors is not a cause of change in demand? Changes in
1. taste and fashion
2. income distribution
3. price of the commodity
4. the size of the population
If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00 the elasticity of the demand is
1. 0.50
2. 0.65
3. 2.00
4. 2.50
The supply curve of a locally produced good may shift to the right if
1. there is an increase in taxes of outputs
2. government increasing subsidies
3. rural-urban migration is encouraged
4. the price of the commodity increases
In perfectly elastic supply, the supply curve
1. is vertical
2. is horizontal
3. slopes upward
4. slopes downward
An increase in the price of commodity X led to the fall of commodity Y. Commodities X and Y are
1. competitive goods
2. composite goods
3. jointly supplied
4. derived goods
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 three 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

@@ Line 3: / Line 3: @@
 === Economics 1 - Objective ===
 <ol>
-     <li>Question 1
+     <li>Scale of preference shows
          <ol type="a">
-             <li>Option a</li>
+             <li>incomes of consumers in order of size.</li>
-             <li>Option b</li>
+             <li>utilities enjoyed  by  consumers.</li>
-             <li>Option c</li>
+             <li>opportunity cost of goods consumed.</li>
-             <li>Option d</li>
+             <li>consumers wants in order of priority.</li>
          </ol>
      </li>
-     <li>Question 2
+     <li>There is unemployment of resources when production is
          <ol type="a">
-             <li>Option a</li>
+             <li>within the production possibility curve.</li>
-             <li>Option b</li>
+             <li>outside the production possibility curve</li>
-             <li>Option c</li>
+             <li>along the production possibility curve</li>
-             <li>Option d</li>
+             <li>adequate to meet market demand.</li>
          </ol>
      </li>
-     <li>Question 3
+     <li>A major characteristic of natural resources is that they
          <ol type="a">
-             <li>Option a</li>
+             <li>are unlimited in supply.</li>
-             <li>Option b</li>
+             <li>have high cost of production.</li>
-             <li>Option c</li>
+             <li>are free gifts of nature.</li>
-             <li>Option d</li>
+             <li>do not command any price.</li>
          </ol>
      </li>
-     <li>Question 4
+     <li>A major disadvantage of a capitalist economy is that it
          <ol type="a">
-             <li>Option a</li>
+             <li>leads to low production of goods and services.</li>
-             <li>Option b</li>
+             <li>requires large number of officials to operate.</li>
-             <li>Option c</li>
+             <li>considers individual consumers' satisfaction.</li>
-             <li>Option d</li>
+             <li>worsens  income inequality among the citizens.</li>
          </ol>
      </li>
-     <li>Question 5
+     <li>The mining sector of an economy contributes 60% to the Gross Domestic Product  (GDP).If the GDP is $540 what is the contribution of the mining sector?
          <ol type="a">
-             <li>Option a</li>
+             <li>$90.00</li>
-             <li>Option b</li>
+             <li>$180.00</li>
-             <li>Option c</li>
+             <li>$324.00</li>
-             <li>Option d</li>
+             <li>$350.00</li>
          </ol>
      </li>
-     <li>Question 6
+     <li>The increase in the demand for a commodity may lead to a decrease in the demand for another if both are
          <ol type="a">
-             <li>Option a</li>
+             <li>in complementary demand.</li>
-             <li>Option b</li>
+             <li>of the same quality</li>
-             <li>Option c</li>
+             <li>in composite demand</li>
-             <li>Option d</li>
+             <li>in composite demand</li>
          </ol>
      </li>
-     <li>Question 7
+     <li>The demand curve for goods of ostentation is usually
          <ol type="a">
-             <li>Option a</li>
+             <li>negatively sloped</li>
-             <li>Option b</li>
+             <li>positively sloped.</li>
-             <li>Option c</li>
+             <li>vertical</li>
-             <li>Option d</li>
+             <li>horizontal</li>
          </ol>
      </li>
-     <li>Question 8
+     <li>Which of the following factors is not a cause of change in demand? Changes in
          <ol type="a">
-             <li>Option a</li>
+             <li>taste and fashion</li>
-             <li>Option b</li>
+             <li>income distribution</li>
-             <li>Option c</li>
+             <li>price of the commodity</li>
-             <li>Option d</li>
+             <li>the size of the population</li>
          </ol>
      </li>
-     <li>Question 9
+     <li>If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00 the elasticity of the demand is
          <ol type="a">
-             <li>Option a</li>
+             <li>0.50</li>
-             <li>Option b</li>
+             <li>0.65</li>
-             <li>Option c</li>
+             <li>2.00</li>
-             <li>Option d</li>
+             <li>2.50</li>
          </ol>
      </li>
-     <li>Question 10
+     <li>The supply curve of a locally produced good may shift to the right if
          <ol type="a">
-             <li>Option a</li>
+             <li>there is an increase in taxes of outputs</li>
-             <li>Option b</li>
+             <li>government increasing subsidies</li>
-             <li>Option c</li>
+             <li>rural-urban migration is encouraged</li>
-             <li>Option d</li>
+             <li>the price of the commodity increases</li>
          </ol>
      </li>
-     <li>Question 11
+     <li>In perfectly elastic supply, the supply curve
          <ol type="a">
-             <li>Option a</li>
+             <li>is vertical</li>
-             <li>Option b</li>
+             <li>is horizontal</li>
-             <li>Option c</li>
+             <li>slopes upward</li>
-             <li>Option d</li>
+             <li>slopes downward</li>
          </ol>
      </li>
-     <li>Question 12
+     <li>An increase in the price of commodity X led to the fall of commodity Y. Commodities X and Y are
          <ol type="a">
-             <li>Option a</li>
+             <li>competitive goods</li>
-             <li>Option b</li>
+             <li>composite goods</li>
-             <li>Option c</li>
+             <li>jointly supplied</li>
-             <li>Option d</li>
+             <li>derived goods</li>
          </ol>
      </li>