Waec Economics Past Questions and Answers

Question 1:

• WAEC 1988

'Economics is a science which studies human behaviours as a relationship between ends and scarce means which have alternative uses. 'Ends' her refers to

A. Resource
B. Wants
C. Choice
D. Output
E. Factors

Question 2:

• WAEC 1988

'Economics is a science which studies human behaviours as a relationship between ends and scarce means which have alternative uses. 'Ends' her refers to

A. Resource
B. Wants
C. Choice
D. Output
E. Factors

Question 3:

• WAEC 1988

A review of occupational distribution of population from time to time helps us to know the

A. Rate of which the population grows
B. Number of people that makes up the labour force
C. Efficiency of the working population
D. Industries which are becoming less important
E. Number of people that are bot employed

Question 4:

• WAEC 1988

The price of a commodity is determined by the

A. Supplier
B. Consumer
C. Quantity of goods demanded
D. Quantity of goods supplied
E. Interaction of demand and supply

Question 5:

• WAEC 1988

The equilibrium position of a firm is attained

A. When MC = AR
B. When MC = PC
C. When MC = MR
D. When AC = AR
E. When AR = MR