2000 - WAEC Economics Past Questions and Answers - page 1
1
Scarcity implies that
A
goods cannot be produced efficiently
B
human wants are unlimited
C
goods and services are limited in supply
D
commodities are evenly distributed within the economy
correct option: c
Users' Answers & Comments2
economy problems arises mainly as a result of
A
inaccurate statistical data in West Africa
B
excessive wastage of available resources
C
lack of foresight on the part of resource users
D
limitation in the availability of resouces
correct option: d
Users' Answers & Comments3
Basic extractive activities are classified as
A
manufacturing production
B
tertiary production
C
secondary production
D
primary production
correct option: d
Users' Answers & Comments4
The entire satisfaction that a consumer derived from a successive consumption of a particular commodity is known as
A
marginal utility
B
total utility
C
average utility
D
diminishing utility
correct option: b
Users' Answers & Comments5
A collective data which has not been processed is referred to as
A
disjointed data
B
raw data
C
class intervals
D
frequency
correct option: b
Users' Answers & Comments6
Which of the following is a measure of central tendency
A
Percentage
B
graph
C
variance
D
Median
correct option: d
Users' Answers & Comments7
The quantity supplied of a book per week is represented by the function: Qs + 70 + 1/2 P, At a price of N8.00, the quantity supplied is
A
70
B
74
C
76
D
86
correct option: b
Qs + 70 + 1/2 P,
when price is 8
Qs = 70 + (1/2 x 8)
Qs = 70 + 4
Qs = 74
8
In production , the formula total product/number of men employed is used to calculate
A
total product
B
average product
C
marginal product
D
fixed product
correct option: b
Users' Answers & Comments9
One of the internal economies of large scale production is
A
administrative economies
B
market economies
C
regional economies
D
horizontal economies
correct option: b
Users' Answers & Comments10
Dividing total variable cost by quantity of output gives
A
Total cost (TC)
B
Total Fixed Cost (TFC)
C
Variable cost (VC)
D
Average Variable Cost (AVC)
correct option: d
Users' Answers & Comments