1998 - WAEC Economics Past Questions and Answers - page 1
1
the study of Economics enables the individuals to
A
be misserly in the spending of his money
B
derive maximum satisfaction from the money he spends
C
determines the right market to visit
D
avoids purchase of luxurious items
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2
one way of solving the problem of scarcity that faces the individuals is for
A
the government to import goods massively so that the citizen can get all they want
B
them to work very hard so that they are able to buy all their wants
C
them to choose between alternative since they cannot meet all their wants
D
the government to study people's behaviour in order to know their wants
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3
At what price will a trader be ready to sell 6 oranges using the equilibrium below. p = 1/2 q + 2. where p is price and q is quantity?
A
N3.00
B
N4.00
C
N5.00
D
N6.00
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4
If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to
A
cut costs
B
maximize costs
C
increase profits
D
maximize utility
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5
which of the following will shift the demand curve for Milo to the right?
A
an increase in consumer's income
B
a rise in the price of Milo
C
a tax on cocoa producers
D
a fall in the quantity demanded of Milo
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6
An ?exceptional demand is one in which
A
supplier sells all that he takes to the market
B
consumers do not buy from the market
C
quantity demanded falls as price falls
D
purchase of services and not products is considered
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7
The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be
A
an excess demand
B
an excess supply
C
a surplus in the market
D
many sellers in the market
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8
The introduction of division of labour in a firm will lead to?
A
a fall in output
B
a decline in the efficiency of labour
C
an increase output
D
the separation of ownership from management
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9
Total cost is the addition of
A
real cost and money cost
B
price and taxes
C
fixed cost and variable cost
D
average cost and marginal cost
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10
Total cost is the addition of
A
real cost and money cost
B
price and taxes
C
fixed cost and variable cost
D
average cost and marginal cost
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