WAEC SSCE - Economics - 2019

In perfect competition, the average revenue curve of a firm is

Answer Details

In perfect competition, the average revenue curve of a firm is identical to the marginal revenue curve. This is because in a perfectly competitive market, a firm is a price taker, which means that it cannot influence the market price and must sell its output at the prevailing market price. Since the market price is constant, the average revenue curve is also constant at that price. Meanwhile, the marginal revenue curve represents the additional revenue earned by the firm for each additional unit of output sold. In perfect competition, this additional revenue is equal to the market price, which is constant. Therefore, the marginal revenue curve is also constant and identical to the average revenue curve. Hence, the correct answer is: the marginal revenue curve.

The wages of a group of workers in dollars is stated below;

40, 30, 70, 20, 60, 10, 10, 80, 30, and 10.

What is the mean wage

Two commodities X and Y are in joint supply when 

Answer Details

Two commodities X and Y are in joint supply when they are produced together by the same process, and an increase in the production of one commodity leads to an increase in the production of the other. This means that the production of X and Y are interdependent, and they cannot be produced separately. For example, crude oil and natural gas are in joint supply because they are produced together from the same oil wells, and an increase in the production of crude oil leads to an increase in the production of natural gas as well.

Which of the following items is not considered as a transfer payment?

Answer Details

Doctor's salary is not considered as a transfer payment. Transfer payments refer to payments made by the government to individuals or organizations for which no goods or services are exchanged. Transfer payments are meant to redistribute income and promote social welfare. Pension pay, government subsidies, and students' grants are all examples of transfer payments because they are payments made by the government to individuals or organizations for which no goods or services are exchanged. Pension pay is a payment made to retired individuals, government subsidies are payments made to support certain industries or individuals, and students' grants are payments made to support education. However, a doctor's salary is not considered a transfer payment because it is a payment made in exchange for the services provided by the doctor. The doctor is providing a service, and in exchange, they are receiving a salary from their employer. Therefore, it is not a transfer payment.

Balance of trade involves the exchange of

Answer Details

The balance of trade involves the exchange of goods and services between countries. Goods are physical products that can be traded, such as cars, clothes, and food. Services, on the other hand, are intangible products that cannot be touched, such as transportation, banking, and tourism. When countries engage in trade, they can export goods and services they produce and import goods and services that they need. The balance of trade is the difference between the total value of a country's exports and the total value of its imports. If a country exports more than it imports, it has a trade surplus, which means it is earning more from trade than it is spending on imports. If a country imports more than it exports, it has a trade deficit, which means it is spending more on imports than it is earning from exports.

The demand for coffee and tea is 

An increase in the prices of factor inputs may result in

Answer Details

An increase in the prices of factor inputs, such as labor, materials, or energy, can lead to an increase in the cost of producing goods and services. When firms face higher costs, they may raise the prices of their products to maintain their profit margins. If the price increases are widespread across the economy, this can lead to a general increase in the level of prices, known as inflation. However, the specific type of inflation that arises from an increase in factor input prices is called cost-push inflation. Cost-push inflation occurs when an increase in the cost of production leads to higher prices for goods and services, which can reduce consumers' purchasing power. It can be particularly problematic if it persists over a long period, leading to lower economic growth and higher unemployment. Therefore, an increase in factor input prices can result in cost-push inflation, which can negatively affect the economy by reducing purchasing power and economic growth.

In most underdeveloped countries, development plans do not achieve their objective due to

Citizens are protected from the government's arbitrariness in taxation by the canon of

Middlemen are made up of

Answer Details

Middlemen refer to the intermediaries or agents that facilitate the movement of goods and services from the producer to the end-user. Middlemen can be made up of various entities, including manufacturers, wholesalers, retailers, and consumers, depending on the specific context. In general, middlemen are involved in the distribution of goods and services from the point of production to the point of consumption. They help to bridge the gap between producers and consumers by performing functions such as transportation, storage, financing, and risk-taking. In the context of the given options, middlemen are typically composed of wholesalers, retailers, and consumers. Wholesalers buy goods in bulk from manufacturers and sell them in smaller quantities to retailers, who in turn sell them to consumers. Consumers, on the other hand, buy goods for their personal use. In summary, middlemen are intermediaries that facilitate the movement of goods and services from producers to end-users, and they can be made up of various entities depending on the specific context. In the given options, middlemen are typically composed of wholesalers, retailers, and consumers.

Which of the following is true of the value of money? It

Answer Details

The value of money is inversely related to the price level. This means that as the price level increases, the value of money decreases, and as the price level decreases, the value of money increases. For example, if the price of a gallon of milk is $3, and the value of money is such that one dollar can buy one gallon of milk, then the value of money is $1. However, if the price of a gallon of milk increases to $4, and the value of money remains the same, then the value of money has decreased, as it now takes $4 to purchase one gallon of milk instead of $3. This relationship between the value of money and the price level is known as the quantity theory of money, which states that the value of money is determined by the supply and demand for money in the economy. When the money supply increases, the value of money decreases, and when the money supply decreases, the value of money increases. This is because as the money supply increases, there is more money available to purchase goods and services, which increases demand and drives up prices. Therefore, the statement that the value of money is inversely related to the price level is true.

The use of interest rates to control the money supply is a

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The use of interest rates to control the money supply is a monetary policy. Monetary policy is the process by which a government, central bank, or monetary authority manages the supply of money and the availability of credit in an economy with the goal of promoting economic growth and stability. One of the tools used in monetary policy is setting interest rates. By adjusting the interest rate, the central bank can influence the amount of money that is available in the economy. If the interest rate is high, it becomes more expensive for people and businesses to borrow money, so they tend to borrow less. This can help reduce inflation and stabilize the economy. On the other hand, if the interest rate is low, borrowing becomes cheaper, encouraging more borrowing and spending, which can stimulate economic growth. So, in a very simple way, monetary policy refers to the management of money supply and interest rates by the central bank to achieve economic goals.

One measure for financing a country's balance of payments deficit is through

What happens when the central bank increases the bank rate?

Answer Details

Amount of borrowing decreases. When the central bank increases the bank rate, it becomes more expensive for commercial banks to borrow money from the central bank. As a result, commercial banks are likely to pass on this increase in cost to their customers by charging higher interest rates on loans. This makes borrowing more expensive for individuals and businesses, which can lead to a decrease in the amount of borrowing. The idea behind this is to control inflation and encourage saving.

If the coefficient of price elasticity of demand of a product is zero, then its demand curve will be

Answer Details

If the coefficient of price elasticity of demand of a product is zero, it means that the demand for the product is perfectly inelastic. This implies that a change in price will not lead to any change in the quantity demanded of the product. In other words, regardless of the price of the product, the quantity demanded will remain the same. Therefore, the demand curve will be a vertical line parallel to the quantity axis. This is because changes in price will not cause any change in the quantity demanded, and hence the demand curve will not slope. So, the answer is "parallel to the quantity axis."

What effect will an increase in the supply of fish have on the meat market

The short-run in production is the time period when

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The short-run in production is the time period where at least one factor of production is fixed, while others are variable. In the short-run, a business cannot change all of its factors of production, such as capital equipment or the size of its physical plant, due to time or cost constraints. Therefore, it must operate with at least one factor of production fixed, while others are variable, such as labor, raw materials, or energy. For example, a bakery may have a fixed number of ovens in the short-run, but it can hire additional workers or purchase more flour to increase its output. Similarly, a farmer may have a fixed amount of land in the short-run, but can vary the amount of labor and fertilizer used to produce crops. Therefore, the short-run is characterized by at least one fixed factor of production and one or more variable factors of production that a business can adjust to increase output or reduce costs.

The major achievement of the Economic Community of West African States (ECOWAS) is that it has

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The major achievement of the Economic Community of West African States (ECOWAS) is that it has widened the market for goods produced in West Africa. ECOWAS has established a free trade area among its member countries, which has removed barriers to trade such as tariffs and import/export restrictions. This has allowed for increased movement of goods and services across borders, which has facilitated economic growth and development in the region. Additionally, ECOWAS has implemented various policies and programs aimed at promoting intra-regional trade and investment, which has further expanded the market for goods produced in West Africa.

Human development can be improved if

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Human development can be improved if general education and training are encouraged. Education is a key factor in human development, as it provides individuals with the knowledge and skills they need to succeed in life. A well-educated population is more likely to be productive and creative, and to enjoy better health, higher levels of income, and a higher standard of living. Investing in education can also lead to broader social and economic benefits. For example, it can help reduce poverty and inequality, and promote sustainable economic growth. It can also help to build more inclusive and democratic societies, by giving people the knowledge and skills they need to participate fully in the political and economic life of their communities. So, in a very simple way, promoting general education and training can help to improve human development by providing individuals with the skills they need to succeed, and by promoting broader social and economic benefits.

 Which of the following institutions is Concerned with expanding developing countries' commodity trade
 

The desire for profits is a major feature of 

Answer Details

The desire for profits is a major feature of a market economy. In a market economy, individuals and businesses operate to make a profit by producing goods and services that people are willing to pay for. The pursuit of profit drives economic activity and helps to allocate resources efficiently.

If the demand function is Qd = -0.5 + 20, calculate the quantity demanded when price is $15.0

The table above illustrates the law of?

Answer Details

The table above illustrates the law of diminishing marginal utility. According to this law, as we consume more and more units of a product, the additional satisfaction or utility that we get from consuming each additional unit will start to decrease. In other words, the marginal utility of each additional unit consumed will diminish. Looking at the table, we can see that as the quantity consumed increases, the total utility increases as well, but at a decreasing rate. Additionally, we can see that the marginal utility starts to decline after the second unit is consumed. For example, the first unit consumed gives a marginal utility of 10, the second unit gives a marginal utility of 5, and the third unit gives a marginal utility of only 2. This shows that the additional satisfaction gained from each unit consumed is decreasing. Therefore, the answer is "diminishing marginal utility."

In a period of unemployment and falling prices, the government should adopt a

The fundamental economic problem in every society is

Exploitation of forest resources becomes a major problem when

Govermment in most cases influences the location of firms to 

Answer Details

In many cases, the government can influence the location of firms. The government may do this for various reasons such as to promote economic development or to achieve social objectives. One reason why the government may influence the location of firms is to ensure an equitable distribution of economic opportunities across the country. This means that the government may encourage firms to locate in areas that are underdeveloped or have a high rate of unemployment, to create jobs and stimulate economic growth in those areas. Another reason why the government may influence the location of firms is to reduce the cost of production. For example, the government may offer tax incentives or subsidies to firms that locate in certain areas that have a lower cost of living or lower wage rates. This would make the production process cheaper and more efficient for the firms. Lastly, the government may influence the location of firms to help them enjoy economies of scale. This means that firms can benefit from lower production costs and higher profits by producing at a larger scale. By encouraging firms to locate in certain areas, the government can help create a concentration of similar businesses, which can lead to greater specialization and collaboration, and ultimately reduce the costs of production.

The major employer of labour in developing countries is the

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In developing countries, the major employer of labor is the primary sector. This sector involves activities such as agriculture, fishing, mining, and forestry, which are mainly focused on producing raw materials. Many people in developing countries work in agriculture, either as small-scale farmers or as laborers on larger farms. This is because agriculture is often the most accessible and widespread economic activity in these countries. While the secondary sector (which involves manufacturing and construction) and tertiary sector (which involves services such as banking, education, and healthcare) also provide employment opportunities, they are not as prevalent as the primary sector. The industrial sector, which may refer to a subset of the secondary sector, involves activities related to heavy industry, manufacturing, and engineering, and is also not as widespread in developing countries.

Malthusian theory of population was proved wrong because

When an increase in inputs leads to a more than proportionate increase in output, there is

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The situation where an increase in inputs leads to a more than proportionate increase in output is called increasing returns to scale. In other words, if we increase the amount of inputs used in production by a certain percentage, then the output will increase by more than that percentage. For example, if a factory doubles its workforce and, as a result, its production output more than doubles, then this is an example of increasing returns to scale. The opposite of increasing returns to scale is decreasing returns to scale, which occurs when a proportional increase in inputs leads to a less than proportional increase in output. If the increase in inputs results in a proportional increase in output, then this is constant returns to scale.

The table below shows the short-run cost of a firm. Use it to answer the question below

Calculate the value of Q

Agricultural productivity may be increased if

If less of a good is bought as one's income increases, such a good is

Answer Details

A normal good is a type of good for which demand increases as a person's income increases. This means that as a person earns more money, they are more likely to buy more of this type of good. For example, as a person's income increases, they may purchase more expensive and higher-quality food, clothing, or housing. On the other hand, if demand for a good decreases as a person's income increases, the good is considered to be a luxury good. Luxury goods are items that are considered non-essential, but are still desired because they are associated with status, exclusivity, or high quality. Examples of luxury goods include expensive jewelry, high-end cars, and designer clothing. A necessity is a type of good that a person needs in order to survive, regardless of their income. Examples of necessities include food, water, shelter, and healthcare. Necessities are often considered to be inelastic goods, meaning that the demand for them does not change much as a person's income changes. An inferior good is a type of good for which demand decreases as a person's income increases. This means that as a person earns more money, they are less likely to buy this type of good. Examples of inferior goods include low-quality food and second-hand clothing.

When the price of a good is above the equilibrium, there will be

Answer Details

When the price of a good is above the equilibrium, there will be a surplus. This is because at the higher price, suppliers are willing to supply more of the good than consumers are willing to buy. As a result, there will be excess supply, or a surplus, of the good. To get rid of this surplus, suppliers may have to lower their prices until they reach the equilibrium price where the quantity supplied equals the quantity demanded.

A point X inside the production possibility curve indicates that

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A point X inside the production possibility curve indicates that some resources are idle. This means that the country is not producing the maximum amount of goods and services it can with the given resources. It could be due to inefficiencies in the production process or lack of demand for certain goods and services. However, it does not necessarily mean that the country is poor or that resources are not available.

Which of the following is a major advantage of establishing a tomato-processing factory in a country?

Supply of agricultural products is likely to be elastic in the

Answer Details

The supply of agricultural products is likely to be elastic in the long-run. This means that the quantity supplied of agricultural products can change significantly in response to changes in price over a longer period of time. In the long-run, farmers are able to make changes to their operations such as planting different crops, acquiring new technologies, or changing the size of their farms. These changes can result in a significant increase or decrease in the quantity of agricultural products supplied. On the other hand, the supply of agricultural products is likely to be inelastic in the short-run, as farmers may not be able to quickly adjust their operations to changes in price. This is because it takes time to make changes to agricultural operations, such as planting new crops or acquiring new technologies.

In most developing countries, a large percentage of the labour force is engaged in

Answer Details

In most developing countries, a large percentage of the labor force is engaged in agriculture. Agriculture is a critical sector in many developing countries, as it provides food and livelihoods for a large portion of the population. This sector can include farming, livestock raising, and fishing, among other activities. While the other sectors such as trading, mining, and manufacturing are also important in many developing countries, agriculture remains one of the largest employers and a significant contributor to the economy. However, the exact distribution of the labor force across different sectors can vary depending on the specific country and its development status.

Natural resources that are renewable are found in the

Which of the following means of funding a business is very reliable and cheap?

Answer Details

Plough back profits is a very reliable and cheap means of funding a business. Plough back profits, also known as retained earnings, refers to the practice of reinvesting a portion of a company's profits back into the business instead of distributing them as dividends to shareholders. This approach allows a business to use its profits to finance its growth and expansion without incurring additional debt or giving up ownership. Ploughing back profits is reliable because it does not involve any external financing or borrowing, which means the business does not have to worry about meeting repayment obligations or defaulting on loans. Additionally, since the profits are already earned, there is no cost associated with obtaining them. Furthermore, it is a cheap means of funding because there are no interest payments or other fees associated with retaining earnings. Additionally, since the profits belong to the company, there are no equity dilution concerns or ceding control to external investors. Overall, ploughing back profits is a very reliable and cost-effective means of funding a business, allowing it to finance its growth and expansion without incurring additional debt or giving up ownership.

What happens when a minimum price is imposed in a market? 

Insurance Companies are similar to commercial banks in that they

A country is described as industrialized if

An improvement in a country's terms of trade means that the

Which of the following factors is not a condition for a change in the supply of a commodity

Answer Details

The price of the commodity is not a condition for a change in the supply of a commodity. The price of a commodity is a reflection of the supply and demand for that commodity, and a change in price will cause a shift in either the supply or the demand curve. However, a change in price is not a factor that directly causes a change in the supply of a commodity. Improved technology, cost of production, and government tax policies are all factors that can influence the supply of a commodity. Improved technology can make it easier and more efficient to produce a commodity, leading to an increase in supply. The cost of production includes the cost of labor, raw materials, and other inputs that are used to produce a commodity. If the cost of production increases, the supply of the commodity may decrease. Government tax policies can also impact the supply of a commodity by changing the incentives for producers to supply the commodity. For example, a tax on a commodity may increase the cost of production, leading to a decrease in supply.

The motive for holding money to meet unforeseen events is termed

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The motive for holding money to meet unforeseen events is termed precautionary demand. This refers to the desire of individuals or businesses to hold cash or other liquid assets to be able to cover unexpected expenses or emergencies that may arise in the future. For example, individuals may hold some cash in case they have a medical emergency or their car breaks down. Similarly, businesses may hold cash reserves to be able to pay for unexpected repairs or to cover temporary shortfalls in revenue. The amount of money held for precautionary demand will depend on various factors, including the level of uncertainty or risk associated with future events, the availability of credit or other sources of liquidity, and the cost of holding money versus other investments. Overall, precautionary demand for money reflects the need to have a financial buffer to be able to deal with unexpected events and to manage risk.

Which of the following factors will not underestimate the national income?

Answer Details

The factor that will not underestimate national income is the increase in the value of services not paid for. National income is the total income earned by a country's citizens, including all goods and services produced within the country's borders over a certain period. However, there are various factors that can cause national income to be underestimated. A rapid decrease in prices can underestimate national income because it can make it appear as though less output is being produced, even if the physical volume of goods and services produced remains the same. Increased subsistence production, which refers to the production of goods for personal consumption rather than for sale in the market, can also underestimate national income because it is not captured in official statistics. The practice of specialization of labor, where individuals focus on producing specific goods or services in which they have a comparative advantage, can also underestimate national income if the value of their specialized production is not accurately measured. However, an increase in the value of services not paid for, such as volunteer work or services provided within households, can actually help to more accurately reflect national income. By measuring and accounting for the value of these services, which are often not captured in official statistics, national income can be more accurately estimated.

Devaluation of currency may not correct a balance of payments deficit if the demand for export is

Answer Details

Perfectly inelastic. If the demand for a country's exports is perfectly inelastic, it means that the quantity demanded of those exports does not change, no matter what the price is. In other words, the price of the exports does not affect the amount that people are willing to buy. In this case, devaluing the currency (making exports cheaper for foreign buyers) will not lead to an increase in demand for exports and thus will not correct a balance of payments deficit. The demand for the country's exports would have to be fairly elastic or perfectly elastic for devaluation to have an impact on the balance of payments.

A cost of production that is positively related to output is the

Answer Details

The cost of production that is positively related to output is variable cost. Variable costs are costs that vary with the level of production, such as the cost of raw materials or labor. As production increases, the cost of these inputs also increases, leading to a positive relationship between output and variable costs. For example, if a company produces 10 units of a product and incurs a variable cost of $10 per unit, its total variable cost would be $100. If the company increases production to 20 units, the variable cost would be $200, reflecting the positive relationship between output and variable cost. In contrast, total fixed cost remains constant regardless of the level of production, while average fixed cost decreases as output increases, and social cost refers to the cost to society as a whole, including externalities such as pollution or congestion.

The total value of goods and services produced within the borders of a country is

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The total value of goods and services produced within the borders of a country is called "gross domestic product" or GDP for short. GDP measures the monetary value of all final goods and services produced within a country's borders during a specific period of time, typically a year. GDP includes all goods and services produced by businesses and individuals, including investments and government spending. It does not include goods and services produced by a country's citizens or businesses outside of its borders, which is measured by "gross national product" or GNP. However, to get the net values, we subtract the depreciation of capital from GDP to get "net domestic product" or NDP and we also subtract the income earned by foreigners in the country from GNP to get "net national product" or NNP.

(a) What is public debt?

(b) Outline any three reasons why countries borrow.

(c) Highlight any three effects of a huge national debt on the economy of a country.

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(a) i. Define distribution of goods.

ii. Illustrate the normal chain of distribution of goods.

b. Describe a consumers' cooperative society.

c. Outline any four roles performed by a consumers' cooperative society

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None

The extract from a country’s balance of payments account is shown below.

Using the table above, calculate the:
(a) Balance of trade;
(b) Invisible trade balance;
(c) Balance on current account.

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(a) What is unemployment of labour?.

(b) With an example each, explain the following types of unemployment:
(i) frictional unemployment;
(ii)  structural unemployment;
(iii)  seasonal unemployment.

(c)  Outline any four causes of unemployment in a country.

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The diagram below represents the equilibrium position of a firm in a perfectly competitive industry. Study it and answer the questions that follow.

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(a) Distinguish between the following pairs of concepts:
(i)  elastic demand and inelastic demand
(ii) income elasticity of demand and cross elasticity of demand.

(b) Using diagrams, explain how an increase in price will affect the total revenue of a producer if the demand for his product is:
(i) price elastic;
(ii) price elastic

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None

The diagram above represents the equilibrium position of a firm in a perfectly competitive industry. Study it carefully and answer the questions that follow.

(a) i. At what level of output and prices is the firm in equilibrium?

ii. Calculate the firm's profit in equilibrium

iii. What type of profits is it?

(b) i. Why is the average revenue (AR) function horizontal?

(c) State any two ways in which marginal cost (MC) and average total cost (ATC) are related.

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(a) What is an industry?

(b) Explain the following:
i. division of labor
ii. economies of scale 

(c) Outline any four internal economies of scale.

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(a) What is an industry?

(b) Explain the following:
(i) division of labour;
(ii) economies of scale.

(c) Outline any four internal economies of scale.

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None

The extract from a country's balance of payments account is shown below

Using the table above, calculate the:

(a) balance of trade

(b) invisible trade balance

(c) balance on current account

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None

The table below shows the cost of production and output of maize. The price of maize is fixed $20.00. Use the information to answer the questions that follow.

a. what is the value of total cost? Give a reason for your answer.
b. Calculate the values of u,v,w,x,y and z
c. Calculate the profit levels 1 and 4
d. In what market structure is the firm operating? Give a reason for your answer.

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(a) What is money?

(b) Outline any three characteristics of money.

(c) Explain an effect of inflation on each of the functions of money.

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(a) Define joint venture.

(b) Identify any three merits of a private company over a partnership.

(c) State any three sources of finance to a public enterprise.

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a. Distinguish between the following pairs of concepts

i. elastic demand and inelastic demand

ii. Income elasticity of demand and cross elasticity of demand.

b. Using diagrams, explain how an increase in price will affect the total revenue of a producer if demand for his product is:
i. price elastic
ii. price inelastic 

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(a) Explain any four causes of demand-pull inflation.

(b) Outline any four undesirable effects of inflation.

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a. Distinguish between:
i. Growing population and a declining population

ii. overpopulation and underpopulation.

b. Explain any four disadvantages of a rapidly growing population in an economy
 

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(a) What is economic integration?

(b) Distinguish between a free trade area and a customs union.

(c) Describe two advantages and two disadvantages of free trade area

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The table below shows the percentage age distribution of population of country Y in 2010. The population was 200,000. Use the information in the table to answer the questions that follow.

(a) Calculate the size of the
  i. working population
ii. dependent population

(b) If the population (0 -18) years is increased by 2% and 0.5% of the ages 61 years and above have died, what is the natural increase in the population.

(c) How will you describe the age distribution of the population? Give a reason for your answer..

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a. What is public debt?

b. Outline any three reasons why counties borrow.

c. Highlight any three effects of a huge national debt on the economy of a country.

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None

a. Define a joint venture.

b. identify any three merits of a private company over a partnership.

c. State any three sources of finance to a public enterprise

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None

(a) State Professor Robbins’ definition of Economics.

(b) Explain the following concepts:

 (i) opportunity cost;
(ii)  scale of preference;
(iii) production possibility curve.

(c) Outline three reasons for the study of Economics as a Subject.

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(a) (i) Define distribution of goods.
    (ii) Illustrate the normal chain of distribution of goods.

(b) Describe a consumers’ cooperative society.

(c) Outline any four roles performed by a consumers’ cooperative society

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None

(a) Define labour force.

(b) Explain the following concepts with an example each:
(i) occupational mobility of labour;
(ii)  geographical mobility of labour.

(c) Outline four factors that can influence the size of the labour force in a country

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None