SC 2031 Name:

WASSCE (SC) 2021

ECONOMICS 1
Objective Test
1 hour
1 Index Number:

THE WEST AFRICAN EXAMINATIONS COUNCIL

West African Senior School Certificate Examination (WASSCE) for School Candidates, 2021

om
SC 2021 ECONOMICS 1 1 hour
Objective Test
[ 50 marks ]
Do not open this booklet untilyou are told to do so. While you are waiting, write your name andindex number

.c
in the spacesprovidedat the top right-handcorner ofthis booklet and. thereafter, readthefollowing instructions
carefully.
1. Use HB pencil throughout. ,

du
2. Ifyou have got a blank answer sheet, complete its top section as follows.
(a) In the space marked Name, write your surname followed by your other names.
(b) In the spaces marked Examination, Year, Subject and Paper, write 'WASSCE (SC)', '2021',

e
'ECONOMICS' and '1' respectively.
(c) Inthe box markedIndex Number, write your index number vertically in the spaces on the left-hand
es
side. There are numbered spaces in line with each digit. Shade carefully the space with the same
number as each digit.
(d) In the box marked Paper Code, write the digits 203112 in the spaces on the left-hand side. Shade
rl
the corresponding numbered spaces in the same way as for your index number.
(e) In the box marked Sex, shade the space marked M if you are male, or F if you are female.
a

3. If you have got a pre-printed answer sheet, check that the details are correctly printed, as described in 2
above. In the boxes marked Index Number, Paper Code and Sex, reshade each of the shaded spaces.
ch

4. An example is given below. This is for a male candidate whose name is Chinedu Oladapo DIKKO,
whose index number is 4251102068 and who is offering Economics 1.

THE WEST AFRICAN EXAMINATIONS COUNCIL

st

PRINT IN BLOCK4.ETTERS .
Name: DIICICO CHINEDU OLADAPO Examination: WASSCE (SC) Year: 2021
//

Surname OUiei Names

Subiect: ECONOMICS PaDer 1

s:

INDEX NUMBER PAPER CODE SEX

4 cOa c13 c2a c3a c§3 c6ac7a c8a c0ac1a«Sac3sc43 c5ac63 c73c8ac9a Indicate your sex by
El
tp

c0>c1i ÿ£ÿ c3a c4a c5a c6a c7a c8»c9a ÿ c|3p=2ac3ac4a c53cg3
c73c8ac9a shading the space

f c5a c7a >=83 C93 marked M (for Male)

a
cOa el c2a c3a c4a c6a c7a e8a c9a CO clac23«4Hc43
3 c(]

cOa C2ae33c4ac5ac6ac7ae8ae93 n(j3 afa C2ac3 j C43 1=531=63 c7a c8a c9i or F (for Female) in
this box: M F
T cOa ÿ+ÿ c2? c3a c4a e5a c6a c7a eQa c9a cOaa4* c23 C33 c4= [=53 cga C73 c=8a C93

w
ht

ÿU*cl3 c2ae3ae4a c5ac6ac7ae83e9a (=03 c1a m%m c3s c4a 1=53 c6s c7a c83 c9a

2, cOa c13 afta c33 c4a c5a c63 c7a c8a c9a INSTRUCTIONSTO CANDIDATES

I
#ic13 c2a c3a c4n c5a c6a c7a e83 c9a 1. Use grade HB pencil throughout.
cOa c1a c2a e33 c43 c$a i|ic73 c83 c93 2. Answer each question by choosing one letter and shading it

cQs c13 c2a e3a e4a c5a c6a c7a atic9a

like this: IA] [B] [C] m
3. Erase completely any answer(s) you wish to change.
For Supervisors only. _ 4. Leave extra spaces blank It the answer spaces provided are more than you need.
5. Do not make any markings across the heavy black marks at the right-hand edge ot
If candidate is absent shade this space: I I your answer sheet._ __
02420304 ©2021 The West African Examinations Council
 Answer all the questions.

Each question isfollowed byfour options lettered A to D. Findout the correct optionfor each question and
shade in pencil on your answer sheet, the answer space which bears the same letter as the option you have
chosen. Give only one answer to each question.

An example is given below.

"Economics is a science which studies human behaviour as a relationship between ends and scarce

om
means which have alternative uses." Ends here refers to
A. input.
B. wants.
C. choice.

.c
D. output.

The correct answer is wants, which is lettered B and therefore answer space B would be shaded.

du
[A] [C] [D]
Wjg
Think carefully before you shade the answer spaces; erase completely any answer(s) you wish to change.

e
Do all rough work on this question paper.
ii§ Now answer thefollowing questions.
es
up*#} CO
1. The study of economics is important to every 4. When a commodity market operates without
ÿSto society because it government interference, commodities are
rl
ÿSg distributed through
A. enables individuals to satisfy all their
55 n
a

ÿKOTO
wants. A. government distribution agencies.
B. helps in the utilization of scarce resources. B. the operation of price mechanism.
ch

mm C. helps producers to know what to produce. C. a central planning committee.

m'0 D. retailers only.
D. restores equilibrium between producers
and consumers.
5. One way of obtaining the median of a given
st

A consumer with $10 needs a dress, a pair data is to

of shoes, a handbag and jewellery costing A. sum the value and divide by the number of
//

$20, $10, $7 and $3 respectively. The items.

opportunity cost of buying the pair of shoes B. arrange the data in ascending order and
is the subtract each item from the mean.
s:

C. arrange the data in descending order and

A. dress.
add each item to the least.
tp

B. jewellery.
D. arrange the data in either ascending or
C. handbag and jewellery. descending order and find what
D . dress and j ewellery. item divides the set in two equal parts.
ht

The distinguishing function of an entrepreneur is 6. An increase in rice harvest, all things being
A. planning.
equal, may cause
A. price to increase substantially.
B. control.
B. price to fall substantially.
C. risk-bearing.
C. demand to fall substantially.
D. management.
D. farmer's incomes to be more than doubled.
02420304
 7. The demand for wood and labour is an example 13. Market supply may increase if there is an
of increase in the
A. effective demand. A. price of the product.
B. complementary demand. B. prices of factors of production.
C. derived demand. C. tax paid on raw materials.
D. competitive demand. D. subsidies on raw materials.

8. What will be the reaction of consumers in a 14. Governments can increase farmers' incomes

om
market if there is a fall in the price of the by
substitute of commodity X? A. fixing maximum prices.
A. Price of commodity X will increase B. fixing minimum prices.
B. Demand for the substitute of commodity X C. encouraging them to produce surplus

.c
will decrease output.
C. Demand for commodity X will decrease D. increasing taxes on inputs.

du
D. Supply of both commodity X and its
15. When market supply increases, the equilibrium
substitute will increase
price
9. An increase in market supply is caused by

e
the following factors except A. rises and quantity falls.
A. an improvement in innovation and es B. falls and quantity rises.
technology. C. and quantity increase.
B. an increase in the price of the commodity. D. and quantity fall. mm
£3{@

C. a reduction in the cost of raw materials.

rl
D. a favourable weather condition.
16. The supply of mangoes is represented as ~-S
P = 0.3Q, where P is the price ($) and Q is the
a

10. The coefficient of price elasticity of supply of quantity. "*8

land is usually •O
ch

What is P when Q is 50?

A. one.
B. greater than one. A. $1.50
C. zero. B. $15.00
st

D. less than one. C. $150.03

D. $166.67
11. The price of soap rose from $10 to $20,
//

causing a trader to increase her supply from 17. The output of an extra unit of an input is
50 to 120 boxes per week. This makes supply referred to as
A. output of the input.
s:

A. unitary elastic.
B. perfectly inelastic. B. marginal product of the input
C. fairly elastic. C. average product of the input.
tp

D. inelastic. D. utility of the input employed.

12. A leftward shift in the supply curve for a 18. The law of diminishing returns is applicable to
ht

commodity indicates the

A. an increase in quantity supplied. A. fixed inputs of production.
B. a decrease in supply. -B. variable factors of production.
C. a reduction in quantity supplied. C. plants and machinery of the firm.
D. an increase in supply. D. equipment and other capital.

02420304 Turn over

 4

A firm incurred the following costs in production. 23. Separation of ownership of resources and their
Use the information in the table to answer control is mostly found in a
questions 19 and 20.
A. sole proprietorship.
Output B. partnership.
(bags of rice) 0 10 20 30 40 50 60 C. joint stock company.

Total Cost (Sj 100 200 300 380 440 520 600 D. consumer co-operative.

om
24. By-passing the middlemen in the chain of
19. Thefixed cost of production is distribution can lead to
A. $ 100. A. a problem of unemployment of labour.
B. S 200. B. the creation of artificial scarcity.

.c
C. $300. C. high prices of goods and services.
D. $600. D. an increase in government tax revenue.

du
25. Two factors which can improve the efficiency
20. The average cost of producing 40 bags of rice
of labour are
is

e
A. population size and age of retirement.
A. $ 10. B. school leaving age and number of disabled
B.
C.
$11.
$60.
es workers.
C. work environment and health status of
D. $80. workers.
rl
D. school leaving age and number of part-time
2 1. The relationship between the marginalrevenue
workers.
a

(MR) and the average revenue (AR) of a

ch

monopolist is that the marginal revenue curve

The age distribution of a country's population
A. is above the average revenue curve.
is shown below. Use the information to
B. slopes down to the right and is below the
answer questions 26 and 27.
st

AR curve.
C. and the AR curve are downward sloping AGE GROUP (YEARS) POPULATION
and are identical.
//

0-15 30%
D. is vertical while the average revenue curve
16-40 45%
is horizontal.
s:

41-60 15%

22. A major source of finance to the Railway

Over 60 10%
tp

Corporation in West African countries is

A. sale of shares.
26. What isthe percentage of the working population?
B. government subvention.
ht

C. trade credit. A. 75%

D. surplus. B. 60%
C. 45%
D. 15%

02420304
 5
27. What is the dependency ratio? The following data relates to the national
income of a country.
A. 2:3
Gross domestic product = $ 2800
B. 3:2
Net factor income from abroad = $ 250
C. 1:2
Depreciation = $ 700
D. 6: 1
Indirect taxes =$120
Use it to answer questions 31 and 32.
28. The supply of land for agricultural purpose can

om
be increased through
31. What is the country's Gross National Product
A. the introduction of mechanized fanning. (GNP)?
B. reclamation and irrigation. A. $ 3,050
C. increase in prices of land. B. $2,680

.c
D. conversion of building sites to farmlands. C. $2,350
D. $2,100

du
29. Non-economic factors that influence the
location of firms include 32. What is the country's Net National Product
A. the existence of required materials for (NNP) at factor cost?

e
production. A. $3,050
B. availability of population of buyers. es B. $2,680
C. adequate supply of power, good road and C. $2,230
rail network. D. $2,220
«<N
.CM
D. the activities of politicians in deciding
rl
33. The standard of living in two countries can be
location of firms. o
compared using the 'cm
a

ÿin
•o
30. Which of the following is not an argument A. number of industries in each country.
ch

ÿin
for the policy of privatization in West Africa? B. size of their arms and ammunition. ;cm

A. To make businesses more profitable C. size of their national incomes only. i§

!£!
*o
B. Government is able to participate and D. gross national product per head.
st

control the operation of the privatized

businesses 34. Government can curb inflation by
//

C. Members of the public are able to A. encouraging banks to lend for any purpose.
acquire shares B. increasing her own expenditure.
D. It encourages the inflow of capital and
s:

C. buying treasury bills in the open market.

expertise from local and foreign sources D. selling securities in the open market.
tp

35. Functions of money does not include

A. store of value.
ht

B. medium of exchange.
C. standard of deferred payment.
D. general acceptability.

02420304 Turn over

 36. Demand-pull inflation can be as a result of 41. A floating exchange rate means that the
exchange rate is fixed by the
A. increase in the cost of production.
B. excessive supply of foodstuff. A. central bank of the country.
C. deficit financing by the government. B. forces of demand and supply.
D. increase in import duties. C. International Monetary Fund (IMF).
D. Ministry of Finance.

om
37. An increase in cash ratio by the centralbank will 42. A measure that can be adopted to correct a
country's balance of payments deficit is to
A. increase the supply of money.
B. increase banks' lending. A. allow the currency to appreciate to
C. encourage borrowing. encourage imports.

.c
D. reduce the supply of money. B. allow the currency to depreciate to
encourage imports.

du
C. adopt import substitution strategy.
38. When a government cuts down her expenditure D. restrict trade with all countries.
to reduce inflation, she has embarked on

e
A. a restrictive fiscal policy. . 43. Records of a country's invisible trade are
B. an expansionary monetary policy. es recorded in her
Its) C. physical policy. A. trade account.
.IN
D. implementing budget deficit. B. capital account.
!CO
So
rl
.CM
C. current account.
39. In order to enable the government of a country D. financial account
:w
a

'irt
;<N
.CM
to increase its tax revenue, it will be advisable
lO
-o for it to increase taxes on 44. If a country's import bill is high, she can
ch

ICM
•o encourage exports by
A. textile materials with elastic demand.
A. allowing her currency to depreciate.
B. alcoholic beverages with inelastic demand.
B. allowing her currency to appreciate.
st

C. agricultural products with inelastic supply.

C. liberalizing importation.
D. luxury goods with elastic supply.
D. increasing taxes on all locally produced
//

goods.
40. People who dispose of their assets are expected
s:

to pay 45. If a country imposes a barrier on trade, the

A. value added tax. resultant effect will be
tp

B. capital gains tax. A. a halt in buying and selling.

C. expenditure tax. B. high quality goods from local industries.
D. sales tax. C. an increase in the demand for locally
ht

produced goods.
D. shutdown of infant industries.

02420304
 7
46. A country may be able to earn more from 49. Examples of land that are non-renewable
exports if she include
A. increases her export duty. A. marshy and water-logged land.
B. devalues her currency. B. farmlands already used for many years.
C. increases her import duty. C. some natural resources such as natural
D. allows her currency to appreciate. gas.

om
D. oxygen and carbon dioxide in the
47. A customs union is an economic grouping
atmosphere.
which has

A. free movement of factors of production. 50. Abundant natural resources do not contribute

.c
B. common tariffs against non-members. to economic growth in developing countries
C. common currency for trading. because of

du
D. common military defence.
A. high rate of inflation.
B. urban congestion. —
ÿ V

48. Balance of payments and trade problems that C. over-reliance on multiple commodities.
SRI

e
arose after the world wars were resolved by the D. mismanagement and corruption.
es £
A. International Bank for Reconstruction and ;io
»io
Development.
.KCM
(N

B. International Monetary Fund. !8

rl
C. African Development Bank.
D. Organization of Petroleum Exporting
a

Countries.
ch
st
//
s:
tp
ht

02420304
 How to get WAEC Economics Past
Questions and Answers
To get the complete and more recent copy of the WAEC Economics Past Questions for
Objective Test, and Essay or Theory

Take Note of the following step

1. TAKE ACTION
Call or Whatsapp us on 08051311885 for account number to make payment and how to
received your PDF Copy

2. MODE OF PAYMENT.
Mobile Transfer, POS or Direct Bank Deposit.

3. AFTER PAYMENT.
Send us the following
Depositor Name:
Name of Product Paid for:
Valid email address.

4. DELIVERY ASSURANCE.
We will deliver the past question to you, 5 minutes after confirmation of payment to the
email address you will send to us.

WHAT OTHERS ARE DOWNLOADING

WAEC Past Questions

NECO Past Questions

Primary School Past Questions

Junior Secondary School Past Questions

Senior Secondary School Past Questions

Lesson Note

School of Nursing Past Questions and Answers

 PAPER 2

2 hours

[80 marks]

Answer four questions in all. One question only from A and any three questions from Section B.

You are reminded of the importance of clarity of expression and orderly presentation of relevant materials

All questions carry equal marks,

om
SECTION A

Answers one question only from this section.

.c
1. Table 1 below shows the distribution of the population of a country in various occupations.
Study it and answer the questions that follow.

du
Table l
OCCUPATION TOTAL

e
Shoe production 30 million
Banking 37 million es
Fish processing 19 million
Warehousing 12.2 million
rl
Mining 16.1 million
Fish farming 10.8 million
a

Food crop production 15.6 million

Baking 19 million
ch

Laundry 10.3 million

(a) Calculate the size of the entire labour force in the country. [3 marks]
st

(b) What percentage of the labour force is engaged in the:

(i) primary sector; [3 marks]
//

(ii) secondary sector; [3 marks]

(iii) tertiary sector? [3 marks]
s:

(c) Calculate the ratio of the workers in mining to the workers in shoe production. [2 marks]

(d) Calculate the percentage of the people engaged in warehousing. [3 marks]

tp

(e) (i) Identify the type of economy depicted in the table. [1 mark]
(ii) Give a reason for your answer in 1(e) (i) [2marks]
ht