1996 Economics WAEC SSCE (School Candidates) May/June

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Economics 1 - Objective

  1. The basic problem that Economics
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  2. Question 2
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  3. Question 3
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  4. Question 4
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  5. Question 5
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  6. Question 6
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  7. If as a result of a fall in the price of commodity X, the quantity demanded of commodity Y falls, then commodities X and y are
    1. complementary
    2. in joint denand
    3. luxuries
    4. in composite demand
    5. substitutes
  8. Question 8
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  9. Question 9
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  10. Question 10
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  11. Question 11
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  12. Question 12
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  13. Question 13
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  14. Question 14
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  15. Rent and interest are rewards to
    1. labour and capital respectively
    2. land only
    3. capital only
    4. labour and land respectively
    5. land and capital respectively.
  16. The process that leads to an agreement on the conditions of service between employers and employees is termed
    1. salary negotiations
    2. arbitration
    3. collective bargaining
    4. conciliation
    5. reconciliation
  17. Diminishing returns occur in the short run when there is a reduction in the
    1. average product of the fixed factor the fixed factor
    2. total product of the variable factor
    3. total product of factor
    4. marginal product of the variable
    5. marginal product of the fixed factor.
  18. In production factory buildings are regarded as
    1. variable costs
    2. average costs
    3. marginal costs
    4. total costs
    5. fixed costs
  19. The ownership of a Pubic Limited Company is made up of
    1. two to twenty persons.
    2. a minimum of seven shareholders.
    3. a minimum of fifty and maximum of one hundred shareholders.
    4. two to fifty shareholders.
    5. a maximum of fifty shareholders.
  20. AlI the following are the economic reasons forestablishing public enterprises except the provision of
    1. an avenue for expressing national prestige
    2. services at a cheaper cost
    3. socially necessary facilities
    4. services which are natural monopolies
    5. employment opportunities.
  21. The unemployment associated with decrease in demand is refered to as
    1. disguised
    2. imposed
    3. cyclical
    4. voluntary
    5. functional
  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

Economics 2 - Essay

Section AAnswer one question only from this section.

  1. Utility Schedule
Quality of goods consumed Total Utility Marginal Utility
0 0 0
1 10 10
2 16 ?
3 ? 4
4 ? ?
5 23 1
6 23 ?
  1. Complete the above utility schedule
  2. Draw the marginal utility curve
    1. At what quantity does TU equal MU?
    2. What is the value of MU when TU reaches the maximum?
    3. What happens to the values TU as the quantity consumed increases?
    4. What happens to the values of MU as the quantity consumed increases?
  1. The daily sales of a department store for one week are as follows;
Days Mon Tue Wed Thur Fri Sat
Sales ₦ 1,750 1,000 3,500 2,250 1,000 2,500
  1. Present the above data in a bar graph. (The use of graph sheet is essential).
  2. Calculate the average daily sales for the week.

Section B

Answer three questions only from this section.

  1. In what ways can the government improve agricultural production in Nigeria?
  2. Define ageing population and explain its effects on an economy.
  3. Explain any three weapons that can be used by a trade union and any two weapons that can be used by an Employers' Association during a trade dispute.
  4. Explain five sources of finances that are available to a Public Limited Company.
  5. State any two ways by which monopolistic competition and perfect competition are similar and any three ways in which they are different.
    1. Explain the method of measuring the national income of a country.
    2. State any three problems associated with measuring national income.
    1. What is meant by devaluation?
    2. Explain the measure by which a country can correct its balance of payments deficit.
    1. Explain the term economic planning.
    2. Outline the problems of development plans in Nigeria.
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