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
    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
    3. Option d
  19. Question 20
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  20. Question 21
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  21. Question 22
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  22. Question 23
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  23. Question 24
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  24. Question 25
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  25. Question 26
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  26. Question 27
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  27. Question 28
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  28. Question 29
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  29. Question 30
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  30. Question 31
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  31. Question 32
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  32. Question 33
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  33. Question 34
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  34. Question 35
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  35. Question 36
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  36. Question 37
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  37. Question 38
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  38. Question 39
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  39. Question 40
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  40. Question 41
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  41. Question 42
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  42. Question 43
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  43. Question 44
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  44. Question 45
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  45. Question 46
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  46. Question 47
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  47. Question 48
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  48. Question 49
    1. Option a
    2. Option b
    3. Option c
    4. Option d
  49. 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. 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. 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
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