2005 - WAEC Economics Past Questions and Answers - page 1
1
Economic activities are undertaken to solve the problem of
A
Desire to spend more income on consumption
B
opprotuinity cost
C
production
D
scarcity
2
Farming, mining and fishing are
A
primary production
B
secondary production
C
tertiary production
D
intermediate production
3
A list of consumer's wants arranged in order of priorities is known as
A
a budget
B
an opprotuniy cost
C
A scale of preference
D
choice
4
The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that
A
Olu's real cost is 150.00 Naira
B
Olu's opprtunity cost is the T-shirt he bought
C
Olu's opportunity cost is the textbook
D
Olu's money cost is also the real cost
5
The remuneration of the entrepreneur as a factor of production is called
A
wages
B
salary
C
interest
D
profit
6
The production factor, whose entire world supply is fixed is
A
land
B
skilled labour
C
capital goods
D
entrepreneur
7
when all factors input are reduced by half, the production possibility curve will shift
A
outwards
B
inwards
C
downwards
D
upwards
8
when a worker changes from one tye of job to another, it is called
A
geographical mobility of labour
B
occupational mobility of labour
C
immobility of labour
D
rural-urban migration
9
which of the following determines the size of a country's population ? (I) Birth rate (II) Death rate (III) Migration rate (IV) Importation rate (V) Unemployment rate
A
(I), (II) and (V)
B
(II) and (IV)
C
(I),(II) and (III)
D
(IU) and (V)
10
Age distribution is important because it helps the government to
A
check rural-urban drift
B
determines the number of foreigners
C
determines the number of factories
D
undertake effective planning
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