2009 - WAEC Economics Past Questions and Answers - page 1
1
» the study of economics becomes necessary because of the
A
large population size of the world
B
scarcity of resources
C
opportunity cost of goods and services
D
needs to satisfy every desire of man
correct option: b
Users' Answers & Comments2
The concept of opportunity cost is also referred to as
A
social cost
B
real cost
C
fixed cost
D
variable cost
correct option: b
Users' Answers & Comments3
choice is necessitated by
A
demand and supply
B
cost of production
C
production possibility curve
D
scarcity of resources
correct option: d
Users' Answers & Comments4
A type of unemployment which occurs due to technological progress is called
A
frictional unemployment
B
residual unemployment
C
structural unemployment
D
mass unemployment
correct option: a
Users' Answers & Comments5
All the following are features of market economies except
A
competition among producers
B
demand and supply force guiding production decision
C
that profit motive is paramount
D
public ownership of capital
correct option: d
Users' Answers & Comments6
the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as
A
capital economic system
B
command economic system
C
combined economic system
D
traditional
correct option: a
Users' Answers & Comments7
In a capitalist economy, resources are
A
collectively owned
B
jointly owned
C
privately owned
D
communally owned
correct option: c
Users' Answers & Comments8
An economic system where the central planning authority determines what goods to produce and in what quantity is known as
A
market economy
B
socialist economy
C
welfare economy
D
Traditional economy
correct option: b
Users' Answers & Comments9
The main objective of setting up a private business organization is to
A
protect the interest of the owners
B
promote exports
C
provide infrastructure
D
maximize profits
correct option: d
Users' Answers & Comments10
The demand and supply function of a commodity are given as below.
Qd = 20 - 2p
Qs = 6p - 12
Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is
Qd = 20 - 2p
Qs = 6p - 12
Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is
A
2 Naira
B
4 Naira
C
6 Naira
D
20 Naira
correct option: b
Users' Answers & Comments