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

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         </ol>
         </ol>
     </li>
     </li>
     <li>Question 11
     <li>Price fixed above the equilibrium is to
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>protect agricultural producers.</li>
             <li>Option b</li>
             <li>discourage agricultural producers.</li>
             <li>Option c</li>
             <li>lower the price of agricultural produce</li>
             <li>Option d</li>
             <li>favour consumers</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 12
     <li>A consumer purchasing a commodity x will maximize his satisfaction if
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>Px=MUx</li>
             <li>Option b</li>
             <li>Px=MUx</li>
             <li>Option c</li>
             <li>Px>MUx</li>
             <li>Option d</li>
             <li>Px<MUx</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 13
     <li>When total utility is constant it means marginal utitlity is
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>increasing</li>
             <li>Option b</li>
             <li>zero</li>
             <li>Option c</li>
             <li>decreasing</li>
             <li>Option d</li>
             <li>one</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 14
     <li>A rational consumer is one
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>spends his income to maximize satisfaction</li>
             <li>Option b</li>
             <li>s not influenced by advertisement</li>
             <li>Option c</li>
             <li>behaves in a particular way all the time</li>
             <li>Option d</li>
             <li>knows the prices of all goods and buys the cheapest</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 15
     <li>Which of the following is not true about land
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>the supply is fixed</li>
             <li>Option b</li>
             <li>land is mobile</li>
             <li>Option c</li>
             <li>it is subject to diminishing returns</li>
             <li>Option d</li>
             <li>land is heterogenous</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 16
     <li>The type of production that involves the tapping and harnessing of natural resources is
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>primary production</li>
             <li>Option b</li>
             <li>secondary production</li>
             <li>Option c</li>
             <li>tertiary production</li>
             <li>Option d</li>
             <li>industrial production</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 17
     <li>Which of the following does not change in the short run
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>variable cost</li>
             <li>Option b</li>
             <li>marginal cost</li>
             <li>Option c</li>
             <li>total cost</li>
             <li>Option d</li>
             <li>fixed cost</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 18
     <li>The resources used in production are called
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>variable inputs </li>
             <li>Option b</li>
             <li>factors of production</li>
             <li>Option c</li>
             <li>capital for production</li>
             <li>Option d</li>
             <li>fixed inputs</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 19
     <li>A firm will shut down in the long run if its earning is
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>less than normal profit</li>
             <li>Option b</li>
             <li>greater than normal profit</li>
             <li>Option c</li>
             <li>equal to supernormal profit</li>
             <li>Option d</li>
             <li>less than supernormal profit</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 20
     <li>A market structure where profit is maximized when marginal revenue, marginal cost and price are equal is known as
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>perfect competition</li>
             <li>Option b</li>
             <li>monopoly</li>
             <li>Option c</li>
             <li>Oligopoly</li>
             <li>Option d</li>
             <li>imperfect competition</li>
         </ol>
         </ol>
     </li>
     </li>
     <li>Question 21
     <li>Questio
         <ol type="a">
         <ol type="a">
             <li>Option a</li>
             <li>Option a</li>

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Economics 1 - Objective

  1. Human wants are
    1. limited
    2. scarce
    3. unlimited
    4. in grades
  2. 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
  3. 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
  4. An arrangement of data in rows and columns is referred to as a
    1. graph
    2. bar chart
    3. pie chart
    4. table
  5. 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
  6. The co-efficient of income elasticity of demand for inferior goods is
    1. positive
    2. equal to one
    3. less than one
    4. negative
  7. 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
  8. Palm oil and palm kernel have
    1. competitive supply
    2. excess supply
    3. joint supply
    4. composite supply
  9. A supply curve which ts vertical has elasticity co-efficient of
    1. 0
    2. 0.5
    3. 1.5
    4. 2
  10. 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
  11. 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
  12. A consumer purchasing a commodity x will maximize his satisfaction if
    1. Px=MUx
    2. Px=MUx
    3. Px>MUx
    4. Px<MUx
  13. When total utility is constant it means marginal utitlity is
    1. increasing
    2. zero
    3. decreasing
    4. one
  14. 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
  15. 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
  16. 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
  17. Which of the following does not change in the short run
    1. variable cost
    2. marginal cost
    3. total cost
    4. fixed cost
  18. The resources used in production are called
    1. variable inputs
    2. factors of production
    3. capital for production
    4. fixed inputs
  19. 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
  20. 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
  21. Questio
    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 four 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
  7. 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
  8. 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
  9. 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
  10. 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
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