1992 Economics WAEC SSCE (School Candidates) May/June

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Economics 1 - Objective

  1. Economics is a social science because it
    1. deals with an aspect of human behavior.
    2. provides people with the commodities they want
    3. deals with limited resources which have alternative uses.
    4. deals with the production of goods for present and future consumption.
    5. is related to how choice is made.
  2. Scarcity in Economics generally refers to
    1. a period of production.
    2. hoarding of goods.
    3. monopolization of existing supply of resources.
    4. a period of famine
    5. resources being limited.
  3. Opportunity cost is defined as the
    1. money cost
    2. cost of production.
    3. real cost
    4. variable cost
    5. fixed cost
  4. The most basic concern of economists is to
    1. create human wants.
    2. satisfy all human wants
    3. redistribute income so that it is used correctly
    4. create prefect competition
    5. allocate scarce resources to satisfy human wants
  5. The equilibrium price of oranges is 50k. if for some reasons, the price rises to 60k, there will be
    1. excess demand
    2. excess supply
    3. shortage in the market.
    4. many buyers in the market.
    5. no buyer in the market.
  6. In Economics, production is complete when
    1. goods are produced in the factories
    2. goods are sold to wholesalers
    3. prices are fixed for goods and services.
    4. goods and services reach the consumers.
    5. goods are sold to retailers
  7. Which of the following is not a characteristic of money?
    1. Scarcity
    2. Durability
    3. Divisibility
    4. homogeneity
  8. Which of the following defines Economics most comprehensively?
    1. The study of buying and selling
    2. The organization of industries and markets
    3. The study of human behavior in the allocation of scarce resources
    4. National development, planning and budgeting
    5. The study of market forces as they affect human behavior.
  9. A society that is on its production possibility curve
    1. has attained full employment but not full production
    2. has attained full production but not full employment.
    3. is using its resources inefficiently.
    4. has attained both full employment and full production.
    5. has a lower output level than it should have.
  10. Money becomes a very poor store of value in a period of
    1. deflation.
    2. stable prices
    3. recession.
    4. inflation.
  11. The market price of a commodity is determined by the
    1. total number of people in the market.
    2. total demand for the commodity.
    3. quantity of the commodity supplied.
    4. interaction of demand and supply.
    5. law of demand.
  12. Question 12
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  13. Economic growth is the
    1. rate of increase in a country's full employment and real output
    2. rate of increase in a nation's total population.
    4. rate of increase in inflation.
    5. growth in birth rate
  14. If the price of margarine rises substantially, the equilibrium price and quantity of butter demanded will
    1. decrease.
    2. increase.
    3. remain constant
    4. fluctuate
    5. inelastic
  15. Money as a unit of account implies that it can be
    1. counted in units.
    2. used to facilitate exchange.
    3. used to measure the value of goods and services.
    4. used to store goods and services.
    5. used for future payment.
  16. Which of the following does not increase the population of a country?
    1. An increase in birth rate
    2. A decrease in death rate
    3. Emigration
    4. Immigration
    5. early marriage
  17. A stockholder partakes of the profits of a limited liability business by receiving
    1. shares
    2. profits.
    3. wages and salaries.
    4. dividends.
    5. gifts.
  18. Near money is made up of
    1. very liquid assets which can be easily converted into money
    2. currency in circulation and demand deposits
    3. notes and coins
    4. fixed assets which cannot be converted into money.
    5. the total money supply in the economy,
  19. Which of the following is not a characteristic of a perfect competition?
    1. Many sellers and buyers are in the market.
    2. There is perfect knowledge of the market situation.
    3. Supply and demand are equal.
    4. There is no discrimination.
    5. products are identical
  20. Question 20
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  21. Which of the following is not a negative effect of inflation
    1. Lenders earn less.
    2. Pensioners and salary earners on fixed incomes suffer.
    3. Exports tend to decline.
    4. Savings are discouraged
    5. Borrowers tend to gain.
  22. Question 22
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  23. Which of the following is not a function of the Central Bank?
    1. Banker to the Government
    2. Banker's bank
    3. Acceptance of deposits from the public
    4. Responsibility for monetary policy
    5. Lender of last resort.
  24. Proportional tax is a tax whose
    1. percentage rate remains constant as the tax base Increases.
    2. percentage rate increases as the tax base increases.
    3. percentage rate decreases as the tax base increases
    4. percentage rate fluctuates as the tax base increases.
    5. burden falls heavily on customers
  25. The largest part of the revenue of a country is derived from
    1. direct taxation.
    2. indirect taxation.
    3. excise duties.
    4. company taxes.
    5. non-tax revenue
  26. Which of the following is not a good reason for the importance of agriculture in West African countries? It
    1. employs about 60% of the people.
    2. provides the highest tax revenue
    3. is a major foreign exchange earner in most of the countries.
    4. provides the raw materials for all import substitution industry
    5. provides raw materials only for foreign countries
  27. The comparative cost doctrine of international trade means specialization in production according to
    1. absolute cost advantage.
    2. absolute cost disadvantage
    3. comparative cost disadvantage
    4. comparative cost advantage
    5. the availability of labor.
  28. The greater burden of the taxes on essential goods is borne by the
    1. middle income group
    2. high income group
    3. low income group
    4. people between the low income and high income group
    5. few top rich people
  29. A change in supply implies a
    1. shift in the supply curve to the right and not to the left
    2. shift in the supply curve to the left and not to the right.
    3. shift in the supply to the left or to the right
    4. movement along the supply curve curve.
    5. decrease in price and quantity supplied
  30. Which of the following would increase the GNP of an economy?
    1. Increased government expenditure on the salary of civil servants
    2. An increase in the proportion of the productively employed population
    3. decrease in the rate of unemployment
    4. A decrease in output per worker
    5. An increase in the population dependency ratio
  31. A market condition where profit is maximized when MR=AR= MC=P is known as
    1. monopoly
    2. oligopoly
    3. monopsony.
    4. perfect competition
    5. duopoly
  32. .When the price of a commodity is fixed by law either below or above the equilibrium, the mechanism is known as
    1. price discrimination
    2. price control
    3. perfect market
    4. equilibrium price
    5. market structure.
  33. Money supply is the
    1. currency available in the banks
    2. currency in circulation and time deposits
    3. currency in circulation and saving deposits
    4. currency in circulation and demand deposits
  34. Which of the following is not the function of a commercial bank?
    1. Accepting deposits from the public
    2. serving as banker to the government
    3. lending to the public
    4. Safekeeping of valuables
    5. Undertaking foreign exchange transactions for customers
  35. Question 35
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  36. inflation caused by an increase in demand is known as
    1. cost-push inflation
    2. hyper-inflation
    3. demand-pull inflation
    4. creeping inflation.
    5. runaway inflation.
  37. Indirect taxes are taxes which
    1. are levied on the incomes and profits of individuals and firms
    2. always affects the producer only
    3. are based on progressive principles
    4. are based on regressive principles
    5. are levied on goods and services purchased by individuals and firms.
  38. The situation where government revenue in a fiscal year is less than it's expenditure is referred to as
    1. budget deficit.
    2. balanced budget.
    3. budget surplus
    4. budget statement
    5. unfavorable budget
  39. The situation where government revenue in a fiscal year is less than it's expenditure is referred to as
    1. budget deficit.
    2. balanced budget.
    3. budget surplus
    4. budget statement
    5. unfavorable budget
  40. Land is often different from other factors of production because it
    1. is a free gift of nature
    2. constitute one-third of the entire world
    3. has different grades.
    4. is owned by individuals.
    5. is owned by government.

Economics 2 - Essay

Section A

Answer one question only from this section.

  1. The values of different types of account held in Nigerian banks for the period of 1984 to 1988
    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. Define price elasticity.
    2. If at N 8.00 per tuber, twenty tubers were demanded and when the price fell to N 6.00 per tuber, thirty tubers were demanded, what is the elasticity of the demand?

Section B

Answer three questions only from this section.

  1. A demand curve slopes downwards from left to right, but his may not always be so. Explain the statement.
  2. Question 4
    1. Highlight the factors which encourage entrepreneurs to adopt division of labor in production.
    2. What factors are capable of limiting the practice of division of labor?
  3. Discuss the different types of agricultural systems that exist in West Africa
  4. Outline the ways in which the federal government has encouraged industrialization in Nigeria in recent years.
  5. Middlemen do encounter problems in the process of carrying out their business. Explain.
  6. What are the possible solutions to the problem of rural-urban migration in West-African countries?
  7. Outline the economic activities that are likely to improve the effective distribution and marketing of commodities in Nigeria
  8. Discuss the measures that can be taken by a country seeking to correct its balance of payment deficit.
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