2023 Economics WAEC SSCE (School Candidates) May/June

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Economics 1 - Objective

  1. The study of economics is mainly concerned with how to
    1. Rank individuals' wants given the abundant resources
    2. Make choice when resources are inadequate
    3. Satisfy every member of all societies
    4. Produce all the goods needed by everyone
  2. Warehousing is an economic activity that falls under
    1. Tertiary production
    2. Intermediate production
    3. Secondary production
    4. Primary production
  3. Which of the following items is not classified as working capital
    1. Equipment
    2. Fuel
    3. Money to pay wages
    4. Semi-finished goods
  4. An economic system is mainly concerned with
    1. Handling situations of abundant resources
    2. Studying the relationship between ends and means
    3. The establishment of economic laws
    4. The allocation of scarce resources between alternative ends
  5. The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5, 7, 6, 8, 9 and 7. What is the median mark?
    1. 7
    2. 7.5
    3. 8
    4. 8.5
  6. The demand for a factor input as a result of the demand for its output is known as
    1. Complementary demand
    2. Competitive demand
    3. Derived demand
    4. Market demand
  7. If the demand for a commodity remains constant as price increases, the commodity is said to be______
    1. Price elastic
    2. Unit price elastic
    3. Price inelastic
    4. Perfectly price inelastic
  8. When more of the tax on a product is borne by the buyer than the seller, the commodity involved has
    1. Elastic demand
    2. Fairly elastic demand
    3. Perfectly elastic demand
    4. Perfectly inelastic demand
  9. A fall in price of a normal commodity which has elastic demand will result in
    1. A fall in quantity demanded
    2. An increase in revenue
    3. A fall in demand
    4. A decrease in revenue
  10. The supply of light could be met using a candle, lantern and gas lamp. This is an example of a
    1. Complementary supply
    2. Joint supply
    3. Composite supply
    4. Abnormal supply
    3. Option d
  12. Question 20
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  13. Question 21
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  14. Question 22
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  15. Question 23
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  16. Question 24
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  17. Question 25
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  18. Question 26
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  19. Question 27
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  20. Question 28
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  21. Question 29
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  22. Question 30
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  23. Question 31
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  24. Question 32
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  25. Question 33
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  26. Question 34
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  27. Question 35
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  28. Question 36
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  29. Question 37
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  30. Question 38
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  31. Question 39
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  32. Question 40
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  33. Question 41
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  34. The Net National Product (NNP) of a country is 50m while the depreciation allowance is 10m. The Gross National Product (GNP) is
    2. Option b
    3. Option c
    4. Option d
  35. The price level and the value of monkey are
    1. Inversely related
    2. Directly related
    3. Not related
    4. Positively related
  36. Money is able to function more as a medium of exchange when
    1. More people ungag in subsistence production
    2. There is a fall in production
    3. There is specialization of labour
    4. Individuals and nations are self-sufficient
  37. An indication that there is inflation in a country is that
    1. There is decreased in the demand for goods and services
    2. There are too many goods in circulation
    3. The same amount of money buys lower quantity of goods
    4. People prefer to lend than to borrow
  38. The most liquid asset among the following is
    1. Shares
    2. Bonds
    3. Cash
    4. Cheque
  39. Commercial banks helps in economic development mainly by
    1. Acting as intermediaries between lenders and borrowers
    2. Giving financial advice to the government
    3. Acting as trustees and executors of wills
    4. Serving as custodians of valuables
  40. Taxes levied on goods and services by governments are called
    1. Direct taxes
    2. Corporate taxes
    3. Indirect taxes
    4. Poll taxes
  41. The curve labelled 'W' shows the
    1. Proportional tax
    2. Progressive tax
    3. Specific tax
    4. Regressive tax
  42. An example of government's recurrent expenditure is
    1. The cost of building a school
    2. The cost of building a school
    3. Purchase of new vehicles
    4. Electrification projects in rural areas

Economics 2 - Essay

Section A

Answer one question only from this section.

  1. The equilibrium position of a firm is illustrated in the diagram below. Study the diagram and answer the questions that follow.
    1. Determine the firm’s:
      1. equilibrium output level;
      2. equilibrium price
    2. At equilibrium output level, calculate the firm's
      1. total cost
      2. total revenue
      3. total profit
    3. At equilibrium output level, calculate the firm's Is the firm operating is the long-run or short-run? Explain your answer.
    4. At equilibrium output level, calculate the firm's
      1. What type of market is the firm operating in?
      2. List three features of the market type identified in d(i)
      Table 1 below represents the output levels of a firm producing hand sanitizer. Use the information to answer the questions that follow. Table 1
Output     (units) 0 10 18 28 36 45

If the cost function of the firm is given as C = 30 + 4q, where C is the total cost and q is the units produced, calculate the:

total cost in dollars of producing:

18 units

      Table 1 below represents the output levels of a firm producing hand sanitizer. Use the information to answer the questions that follow. Table 1
Output     (units) 0 10 18 28 36 45

If the cost function of the firm is given as C = 30 + 4q, where C is the total cost and q is the units produced, calculate the:

total cost in dollars of producing:

36 units

      1. Average costs in dollars of producing: 28 units
      2. Average costs in dollars of producing: 45 units
      1. Average costs in dollars of producing: 28 units
      2. Average costs in dollars of producing: 45 units
    3. What is the marginal cost in dollars of producing 28 units?
    4. Determine the profit made from producing 45 units when the market price is fixed at $5.00 per unit.
    5. Determine the fixed cost of the firm. Explain your answer.

Section B

Answer three questions only from this section.

      1. Distinguish between: money cost and opportunity cost
      2. Distinguish between: normal good and inferior goods
      1. Explain how the scale of preference assists the following economic groups in making efficient allocation of their resources: individuals
      2. Explain how the scale of preference assists the following economic groups in making efficient allocation of their resources: firms
      3. Explain how the scale of preference assists the following economic groups in making efficient allocation of their resources: government
    1. Define economic system
    2. Distinguish between a capitalist economy and a socialist economy under the following:
      1. aim of production
      2. consumer sovereignty
      3. competition
    3. State three features of land as a factor of production
    1. Differentiate between a sole proprietorship and a partnership
    2. List four characteristics of a sole proprietorship
    3. Outline four advantages of a public limited liability company.
  4. Question 6
    1. Define location of industry
    2. Explain how the following factors influence where a firm is sited:
      1. raw materials
      2. market
      3. government policy
    3. Outline three advantages of localization of industry
    1. Define Gross Domestic Product (GDP)
    2. Describe the output approach as a method of computing national income
    3. Identify any three problems associated with the expenditure approach of calculating national income
    1. What is an embargo?
    2. Outline any **three* reasons for imposing tariffs on imports
    3. Explain any three reasons against the use of tariffs
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