2022 Economics WAEC SSCE (School Candidates) May/June

From WikiQuestions
Revision as of 21:58, 22 August 2024 by Elizgrace (talk | contribs)

Under Construction This page is currently under construction. Please check back later for updates.
If you can help improve this page, please contribute!

Economics 1 - Objective

  1. Scale of preference shows
    1. incomes of consumers in order of size.
    2. utilities enjoyed  by  consumers.
    3. opportunity cost of goods consumed.
    4. consumers wants in order of priority.
  2. There is unemployment of resources when production is
    1. within the production possibility curve.
    2. outside the production possibility curve
    3. along the production possibility curve
    4. adequate to meet market demand.
  3. A major characteristic of natural resources is that they
    1. are unlimited in supply.
    2. have high cost of production.
    3. are free gifts of nature.
    4. do not command any price.
  4. A major disadvantage of a capitalist economy is that it
    1. leads to low production of goods and services.
    2. requires large number of officials to operate.
    3. considers individual consumers' satisfaction.
    4. worsens  income inequality among the citizens.
  5. The mining sector of an economy contributes 60% to the Gross Domestic Product  (GDP).If the GDP is $540 what is the contribution of the mining sector?
    1. $90.00
    2. $180.00
    3. $324.00
    4. $350.00
  6. The increase in the demand for a commodity may lead to a decrease in the demand for another if both are
    1. in complementary demand.
    2. of the same quality
    3. in composite demand
    4. in composite demand
  7. The demand curve for goods of ostentation is usually
    1. negatively sloped
    2. positively sloped.
    3. vertical
    4. horizontal
  8. Which of the following factors is not a cause of change in demand? Changes in
    1. taste and fashion
    2. income distribution
    3. price of the commodity
    4. the size of the population
  9. If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00 the elasticity of the demand is
    1. 0.50
    2. 0.65
    3. 2.00
    4. 2.50
  10. The supply curve of a locally produced good may shift to the right if
    1. there is an increase in taxes of outputs
    2. government increasing subsidies
    3. rural-urban migration is encouraged
    4. the price of the commodity increases
  11. In perfectly elastic supply, the supply curve
    1. is vertical
    2. is horizontal
    3. slopes upward
    4. slopes downward
  12. An increase in the price of commodity X led to the fall of commodity Y. Commodities X and Y are
    1. competitive goods
    2. composite goods
    3. jointly supplied
    4. derived goods
  13. The production of rice and yam on the same farmland is an example of
    1. joint supply
    2. composite supply.
    3. competitive supply.
    4. market supply
  14. A consumer of a single commodity is in equilibrium when
    1. he can equate his demand with price.
    2. he equates marginal utility and price.
    3. he can equate his marginal and total utilities
    4. his marginal utility is equal to zero.
  15. If the government  imposes a minimum price  on  a commodity
    1. market surplus occurs.
    2. the market will be cleared in the short-run.
    3. excess demand  occurs
    4. government  regulation is no longer needed
  16. A minimum price legislation is also called
    1. price ceiling.
    2. price floor.
    3. price  control.
    4. price mechanism.
  17. Which of the following factors is not a cause of diminishing returns?
    1. Increase in variable inputs
    2. Land fragmentation
    3. Constant technology
    4. Technological innovations
  18. In manufacturing, division of labour may be hindered by
    1. excessive demand for the product.
    2. low level of technology.
    3. excess supply of labour
    4. increase in the export of goods
  19. The production cost that varies inversely with output is the
    1. total fixed cost.
    2. marginal cost.
    3. average fixed cost.
    4. average cost
  20. A firm that closes down will still incur
    1. variable cost.
    2. fixed cost.
    3. total cost.
    4. marginal cost.
  21. The sufficient condition for a firm to be in equilibrium is that the
    1. firm must show that it is profitable.
    2. marginal cost must be equal to average revenue.
    3. marginal revenue curve is above the average revenue curve.
    4. marginal cost curve cuts the marginal revenue curve from below.
  22. Cooperative societies are formed mainly to
    1. assist producers to maximize their profits
    2. encourage thrift and credit among members
    3. promote and maintain the welfare of private companies
    4. limited control in management by shareholders.
  23. A disadvantage of a joint-stock company is
    1. unlimited liability
    2. limited liability
    3. lack of continuity when a shareholder dies
    4. limited control in management by shareholders.
  24. The middleman is responsible for
    1. providing research facilities
    2. purchasing raw materials
    3. designing the product
    4. breaking the bulk
  25. A major function of the retailer is to
    1. grant credit to the wholesaler
    2. break bulk and sell products in small units.
    3. reduce cost of distribution
    4. generate demand for products through advertisements
  26. A positive effect of a rapid population increase is
    1. an excessive budget deficit
    2. a reduction in the standard of living
    3. a wider market for goods and services
    4. a higher dependency ratio
  27. Which of the following factors may not affect the efficiency of labour?
    1. Education and Training
    2. Provision of welfare service
    3. Race and colour of workforce
    4. Quality of other factor inputs
  28. The type of unemployment found among workers who leave their jobs in search of other jobs is termed
    1. seasonal unemployment
    2. structural unemployment
    3. frictional unemployment
    4. cyclical unemployment
  29. The main objective of marketing boards is to
    1. accumulate revenue for government
    2. educate farmers on pricing of cash crops
    3. Stabilize the income of cash crop farmers
    4. provide warehousing facilities
  30. The use of mass advertising media will enable a firm to enjoy
    1. managerial economies
    2. financial economies
    3. marketing economies
    4. welfare economies
  31. Which of the following industries will add more value to primary products?
    1. Service industry
    2. Construction industry
    3. Mining industry
    4. Processing industry
  32. Gross National Product (GNP) less the provision for the wear and tear of assets is the
    1. net present value
    2. net national product
    3. net factor income
    4. net indirect taxes
  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 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
Retrieved from "https://wikiquestions.org:443/w/index.php?title=2022_Economics_WAEC_SSCE_(School_Candidates)_May/June&oldid=1116"