Waec Economics 1989 Past Questions and Answers

Question 1:

• WAEC 1989

Scarcity in Economics means that resources

A. Are not enough to share among producers of goods and services
B. Needed to satisfy human wants are limited
C. Are never enough to share among consumers of goods and services
D. Required to meet our essential wants are unlimited
E. Can be managed if those who use them can behave rationally

Question 2:

• WAEC 1989

Scarcity in Economics means that resources

A. Are not enough to share among producers of goods and services
B. Needed to satisfy human wants are limited
C. Are never enough to share among consumers of goods and services
D. Required to meet our essential wants are unlimited
E. Can be managed if those who use them can behave rationally

Question 3:

• WAEC 1989

A table which shows the price of a commodity and the quantity of it that is demanded per unit time is a

A. Time series
B. Demand series
C. Demand curve
D. Demand schedule
E. Time schedule

Question 4:

• WAEC 1989

The greatest disadvantages f barter system is the need for

A. Durability
B. Divisibility
C. Homogeneity
D. Double coincidence of wants
E. Portability

Question 5:

• WAEC 1989

An inflation in which the price rises steadily at an average rate of about 2% per annum is best described ad

A. Galloping
B. Induced
C. Creeping
D. Suppressed
E. Run-away