2023 Economics WAEC SSCE (School Candidates) May/June

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Economics 1 - Objective

The study of economics is mainly concerned with how to

paragraph

  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
An economic system is mainly concerned with
An economic system is mainly concerned with
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  2. Question 5
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  3. Question 6
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  4. Question 7
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  5. Question 8
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  6. Question 9
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  7. Question 10
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  8. Question 11
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  9. Question 12
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  10. Question 13
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  11. Question 14
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  12. The fixing of maximum prices by government is mainly on A. aie B. C. imported mi goods. D. selected essential - At wha
    1. inferior goods
    2. . ay goods
    3. Option c
    4. Option d
  13. Question 16
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  14. Question 17
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  15. Question 18
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  16. Question 19
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  17. Question 20
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  18. Question 21
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  19. Question 22
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  20. Question 23
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  21. Question 24
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  22. Question 25
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  23. Question 26
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  24. Question 27
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  25. Question 28
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  26. Question 29
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  27. Question 30
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  28. Question 31
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  29. Question 32
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  30. Question 33
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  31. Question 34
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  32. Question 35
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  33. Question 36
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  34. Question 37
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  35. Question 38
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  36. Question 39
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  37. Question 40
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  38. Question 41
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  39. Question 42
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  40. Question 43
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  41. Question 44
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  42. Question 45
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  43. Question 46
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  44. Question 47
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  45. Question 48
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  46. Question 49
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  47. 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. a. The equilibrium position of a firm is illustrated in the diagram above. Study the diagram and answer the questions that follows: i. equilibrium output level ii. equilibrium price
    1. The equilibrium position of a firm is illustrated in the diagram above. Study the diagram and answer the questions that follows: i. equilibrium output level ii. 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)
    1. 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

      1. Table 1 below represents the output levels of a firm producing hand sanitizer. Use the information to answer the questions that follow.
      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
    3. Average costs in dollars of producing: 45 units
      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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