2006 - WAEC Economics Past Questions and Answers - page 1
1
The study of economics enables the individuals to
A
change jobs
B
evades taxes
C
accumulate huge wealth
D
make rational decisions
correct option: d
Users' Answers & Comments2
Most of the problems of economics arises as a result of
A
competing demand for scarce resources
B
increase in the demand for more goods and services
C
the desire of producers to supply more goods and services
D
the need to reduce the level of poverty
correct option: a
Users' Answers & Comments3
which of the following tool of economic analysis is used when data contains more than one category?
A
Bar charts
B
component bar charts
C
Graphs
D
Symbolical sratement
correct option: b
Users' Answers & Comments4
The reward to capital as a factor of production is
A
rent
B
wage
C
interest
D
commission
correct option: c
Users' Answers & Comments5
mining is an example of
A
tertiary production
B
primary production
C
secondary production
D
advanced production
correct option: b
Users' Answers & Comments6
An owner-manager of a firm can also be called
A
a shareholder
B
an entrepreneur
C
an employer
D
a chairman
correct option: b
Users' Answers & Comments7
If the fixed cost of a firm is 800.00 Naira and it's variable cost is 2,700 Naira while it's total output is 100 units, what is the average cost of the firm?
A
25 Naira
B
35 Naira
C
45 Naira
D
50 Naira
correct option: b
Users' Answers & Comments8
Distribution of goods and service is hindered by
A
good road network
B
efficient storage facilities
C
too many middlemen
D
adequate market information
correct option: c
Users' Answers & Comments9
A movement along the same demand curve either upwards or downwards as a result of change in price implies
A
a chnage in demand
B
a change in quantity demanded
C
an increase in demand
D
a shift in the demand curve to the right
correct option: b
Users' Answers & Comments10
middlemen in an economy perform the function of
A
distribution
B
exchange
C
Hoarding
D
protector
correct option: a
Users' Answers & Comments