1995 - WAEC Economics Past Questions and Answers - page 1
1
Economics is a social science which studies how
A
to redistrubute income
B
human beings behave
C
the market price is fixed
D
scarce resources are allocated to satisfy human wants
correct option: d
Users' Answers & Comments2
Scarcity in economics means
A
shortage of commodity
B
unlimited demands for consumer goods
C
limited supply of goods and services
D
total absence of a commodity in the market
correct option: c
Users' Answers & Comments3
The decision on what to produce is a problem in
A
all economics system
B
a mixed economic system only
C
a democratic socialist economy only
D
a free enterprise system only
correct option: a
Users' Answers & Comments4
The law of demand states that
A
as price increases, quantity demanded remains constant
B
demand increases as price increases
C
as price falls, quantity demanded also falls
D
as price falls, quantity demanded increases
correct option: d
Users' Answers & Comments5
which of the following is an important limiting factor in the application of division of labour?
A
market size
B
availability of an infrastructure
C
wage rate
D
Raw materials
correct option: a
Users' Answers & Comments6
Which of the following does not encourage the location of industries?
A
Nearness to the market
B
Availability of infrastructural facilities
C
Government influence in sitting industries
D
political instability
correct option: d
Users' Answers & Comments7
All the under listed factors directly affects the supply of a commodity except
A
price
B
improved production method
C
access to capital
D
demand for the commodity
correct option: e
Users' Answers & Comments8
which of the following economic system is in operation in Nigeria?
A
Capitalist economy
B
Socialist cum Maxist economy
C
Socialist economy
D
Capitalist and free economy
correct option: e
Users' Answers & Comments9
Giffen commodities are those commodities
A
which gives rise to a cobweb situation
B
for which demand increases as price increases
C
which have a low price elasticity of demand
D
which are in short supply
correct option: b
Users' Answers & Comments10
Effective demand in economics means
A
the desire for a commodity
B
a proposal to purchase a good on credit
C
the desire for a commodity or service backed by purchasing power
D
an irrevocable instruction to the seller to meet up the need of the buyers
correct option: c
Users' Answers & Comments