Waec Economics 1988 Past Questions and Answers

Question 6:

• WAEC 1988

in any economic system , which of the following is not an economic problem?

A. What goods and services to produce
B. For whom to produce goods or services
C. What techniques of production to be adopted
D. Equal distribution of goods and services
E. How to ensure that the economy grow over time

Question 7:

• WAEC 1988

In which of the following economics system is the consumer referred to as ‘The King’?

A. Planned economy
B. Mixed economy
C. Traditional economy
D. Free Market economy
E. Socialist economy

Question 8:

• WAEC 1988

Into which of these organization would you classify the International Monetary Fund (IMF) ?

A. Political organization
B. Trade organization
C. Financial organization
D. Social organization
E. Commercial organization

Question 9:

• WAEC 1988

A normal demand curve is

A. Is concave to the point of origin
B. Is convex to the point of origin
C. Is parallel to X axis
D. Is parallel to Y axis
E. Slopes upwards from left to right

Question 10:

• WAEC 1988

A demand schedule is

A. A table containing the price of goods
B. A table showing the relationship between price and quantity demanded of a commodity
C. A table showing the consumer demand on order of importance
D. The quantity of goods the consumer is prepared to buy
E. The market demand