1992 - WAEC Economics Past Questions and Answers - page 1
1
Economics is a social science because it
A
deals with an aspect of hman behaviour
B
provides people with commodity they want
C
deals with limited resources which have alternative uses
D
deals with the production of goods for present and future consumption
correct option: a
Users' Answers & Comments2
Scarcity in Economics generally refers to
A
a period of production
B
hoarding of goods
C
monopolization of existing supply of resources
D
period of famine
correct option: e
Users' Answers & Comments3
Opportunity cost is define as the
A
money cost
B
cost of production
C
real cost
D
variable cost
correct option: c
Users' Answers & Comments4
the most basic concern of economists is to
A
create human wants
B
saisfy all human wants
C
redistrubute income so that it is used correctly
D
create perfect competition
correct option: e
Users' Answers & Comments5
The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be
A
excess demand
B
excess supply
C
shortage in the market
D
many buyers in the market
correct option: b
Users' Answers & Comments6
In Economics production is complete when
A
goods are produced in the factories
B
goods are sold to wholesalers
C
prices are fixed for goods and services
D
goods and services reach the consumer
correct option: d
Users' Answers & Comments7
which of the following is not a characteristics of money?
A
Scarcity
B
Durability
C
Divisibility
D
Homogeneity
correct option: e
Users' Answers & Comments8
which of the following defines Economics most comprehensively ?
A
The study of buying and selling
B
The organization of industries and markets
C
The study of human behaviour in the allocation of scarce resources
D
National development, planning and budgeting
correct option: c
Users' Answers & Comments9
A society that is on its production possibility curve
A
has attained full employment but not full production
B
has attained full production but not full employment
C
is using its resources inefficiently
D
has attained both full employment and full production
correct option: d
Users' Answers & Comments10
Money becomes a very poor store
money becomes a very poor stone of value in a period of
money becomes a very poor stone of value in a period of
A
deflation
B
stable prices
C
recession
D
inflation
correct option: d
Users' Answers & Comments