2021 Economics WAEC SSCE (School Candidates) May/June

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Economics 1 - Objective

  1. The study of economics is important to every society because it
    1. enables individuals to satisfy all their wants.
    2. help in the utilization of scarce resources.
    3. helps producers to know what to produce.
    4. restores equilibrium between producers and consumers.
  2. A consumer with S10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes is the
    1. dress.
    2. jewelry.
    3. handbag and jewelry.
    4. dress and jewelry.
  3. The distinguishing function of an entrepreneur is
    1. planning.
    2. control.
    3. risk-bearing.
    4. management.
  4. When a commodity market operates without governmental interference, commodities are distributed through
    1. government distribution agencies.
    2. the operation of price mechanics.
    3. a central planning committee .
    4. retailers only.
  5. One way of obtaining the medium of a given data is to
    1. sum the value and divide by the number of items
    2. arrange the data in ascending order and subtract each item from the mean.
    3. arrange the data in descending order and add each item to the least
    4. arrange the data in either ascending or descending order and find what item divides the set in two equal parts.
  6. An increase in rice harvest, all things being equal, may cause
    1. price to increase substantially.
    2. price to fall substantially.
    3. demand to fall substantially.
    4. farmer's incomes to be more than doubled
  7. The demand for wood and labour is an example of A
    1. effective demand.
    2. complementary demand.
    3. derived demand.
    4. competitive demand
  8. What will be the reaction of consumers in a market if there is a fall in the price of the substitute of commodity X ?
    1. Price of commodity X will increase
    2. Demand for the substitute of commodity X will decrease
    3. Demand for commodity X will decrease
    4. Supply of both commodity X and its substitute will increase
  9. An increase in market supply is caused by the following factors except
    1. an improvement in innovation and technology.
    2. an increase in the price of the commodity.
    3. a reduction in the cost of raw materials.
    4. a favorable weather condition.
  10. The coefficient of price elasticity of supply of land is usually
    1. one.
    2. greater than one.
    3. zero.
    4. lesser than one.
  11. The price of soap rose from $10 to $20, causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply:
    1. Unitary elastic.
    2. Perfectly elastic.
    3. Fairly elastic.
    4. Inelastic.
  12. A leftward shift in the supply curve for a commodity indicates
    1. an increase in quantity supplied.
    2. a decrease in supply.
    3. a reduction in quantity supplied.
    4. an increase in supply.
  13. Market supply may increase if there is an increase in the
    1. price of the product.
    2. prices of the factors of production.
    3. tax paid on raw materials
    4. subsidies on raw materials.
  14. Governments can increase farmers incomes by
    1. fixing maximum prices.
    2. fixing minimum prices.
    3. encouraging them to produce surplus output.
    4. increasing taxes on inputs.
  15. When market supply increases, the equilibrium price
    1. rises and quantity falls.
    2. falls and quantity rises.
    3. and quantity increases.
    4. and quantity fall.
  16. The supply of mangoes is represented as P = 0.30, where P is the price (S) and Q is the quantity. What is I when Q is 50?
    1. $1.50
    2. $15.00
    3. $150.03
    4. $166.67
  17. The output of an extra unit of an input is referred to as
    1. output of the input.
    2. marginal product of the input.
    3. average product of the input.
    4. utility of the input employed.
  18. The law of diminishing returns is applicable to the
    1. fixed inputs of production.
    2. variable factors of production.
    3. plants and machinery of the firm.
    4. equipment and other capital.
  19. A firm incurred the following costs in Production, Use the information in the table to answer questions 19 & 20.
    1. Option a
    2. Option b
    3. Option c
    4. Option d
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  2. Question 21
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  3. Question 22
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  4. Question 23
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  5. Question 24
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  6. Question 25
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  7. Question 26
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  8. Question 27
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  9. Question 28
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  10. Question 29
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  11. Question 30
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  12. Question 31
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  13. Question 32
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  14. Question 33
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  15. Question 34
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  16. Question 35
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  17. Question 36
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  18. Question 37
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  19. Question 38
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  20. Question 39
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  21. Question 40
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  22. Question 41
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  23. Question 42
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  24. Question 43
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  25. Question 44
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  26. Question 45
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  27. Question 46
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  28. Question 47
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  29. Question 48
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  30. Question 49
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  31. 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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