2016 WAEC SSCE Economics Past Questions

2016

Explain the following National Income concepts:(a) Gross Domestic Product (GDP; (4 marks)(b) Gross National Product (GNP; (4 marks)(c) Cost of living; (4 marks)(d) Per Capital income; (4 marks) (e) Standard of living; (…

2016

(a) Who is a discriminating monopolist. (2 marks)(b) Explain any four conditions necessary for a monopolist to practise price discrimination. (12 marks).(c) Explain any two benefits enjoyed by a discriminating monopolist…

2016

(a) Define: (i) Building Society (2marks); (ii) Central Bank. (3marks)(b) Highlight any five instruments of the Central Bank in regulating the supply of money. (15marks).

2016

(a) What is price elasticity of supply?(2marks)(b) Differentiate between joint supply and cometitive supply.(6marks)(c) Explain any four determinants of elasticity of supply. (12marks)

2016

(a) What is: (i) peasant farming? (2marks) (ii) Co-operative farming?(3marks)(b) Identify any five ways through which government can assist peasant farmers. (15 marks).

2016

(a) What is production possibility curve? (3marks)(b) Draw a production possibility curve and indicate any: (i) Point P, where resources are fully utilized; (ii) Point U, where resources are under utilized; (iii) Point X…

2016

The utility schedule of a consumer for a brand of ice cream is shown in the table below. Use the information to answer the questions that follow: Units Consumed (Q)Total Utility (TU)Marginal Utility (MU)00-11010219R3P643…

2016

The following data shows the budget of hypothetical country in2006. Study data and answer the questions that follow: Revenue[$ million] Company tax 240 Workers' income tax 160 Excise duties 80 Taxes on exports 100 Value…

2016

Which of the following cannot be classified as land in economics

2016

In a socialist economy, prices of commodities are determined by

2016

Scale of preference is important for the following reasons except in

2016

Human wants are insatiable because wants are

2016

If the quantity of men's hat demanded per week is represented by the function Qd=20-$\frac{1}{3}$P, where P is price, how many hats are demanded when the price is $9.00?

2016

What effect will an increase in price have on the total revenue of a firm whose product has inelastic demanding? total revenue will

2016

The demand curve for neccessity is usually

2016

What is the ratio of expenditure on health to agriculture?

2016

A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer the question.If the budget of the country was $7,200, how much is allocated to Education?

2016

How does producers expectation of a price fall affect the supply curve of a product? There will be

2016

The supply of rice in tons is given by the fraction: Qs-80-0.7=0. Where Qs= Quantity supplied, P=price in naira.Find Qs, when P=N40

2016

The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to

1 2 3

2016 WAEC SSCE Economics Past Questions

Explain the following National Income concepts:(a) Gross Domestic Product (GDP; (4 marks)(b) Gross National Product (GNP; (4 marks)(c) Cost of living; (4 marks)(d) Per Capital income; (4 marks) (e) Standard of living; (…

(a) Who is a discriminating monopolist. (2 marks)(b) Explain any four conditions necessary for a monopolist to practise price discrimination. (12 marks).(c) Explain any two benefits enjoyed by a discriminating monopolist…

(a) Define: (i) Building Society (2marks); (ii) Central Bank. (3marks)(b) Highlight any five instruments of the Central Bank in regulating the supply of money. (15marks).

(a) What is price elasticity of supply?(2marks)(b) Differentiate between joint supply and cometitive supply.(6marks)(c) Explain any four determinants of elasticity of supply. (12marks)

(a) What is: (i) peasant farming? (2marks) (ii) Co-operative farming?(3marks)(b) Identify any five ways through which government can assist peasant farmers. (15 marks).

(a) What is production possibility curve? (3marks)(b) Draw a production possibility curve and indicate any: (i) Point P, where resources are fully utilized; (ii) Point U, where resources are under utilized; (iii) Point X…

The utility schedule of a consumer for a brand of ice cream is shown in the table below. Use the information to answer the questions that follow: Units Consumed (Q)Total Utility (TU)Marginal Utility (MU)00-11010219R3P643…

The following data shows the budget of hypothetical country in2006. Study data and answer the questions that follow: Revenue[$ million] Company tax 240 Workers' income tax 160 Excise duties 80 Taxes on exports 100 Value…

Which of the following cannot be classified as land in economics

In a socialist economy, prices of commodities are determined by

Scale of preference is important for the following reasons except in

Human wants are insatiable because wants are

If the quantity of men's hat demanded per week is represented by the function Qd=20-\(\frac{1}{3}\)P, where P is price, how many hats are demanded when the price is $9.00?

What effect will an increase in price have on the total revenue of a firm whose product has inelastic demanding? total revenue will

The demand curve for neccessity is usually

What is the ratio of expenditure on health to agriculture?

A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer the question.If the budget of the country was $7,200, how much is allocated to Education?

How does producers expectation of a price fall affect the supply curve of a product? There will be

The supply of rice in tons is given by the fraction: Qs-80-0.7=0. Where Qs= Quantity supplied, P=price in naira.Find Qs, when P=N40

The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to