Economics 1992 Waec Past Questions and Answers

Question 1 :

• WAEC 1992

Economics is a social science because it

A. Deals with an aspect of hman behaviour
B. Provides people with commodity they want
C. Deals with limited resources which have alternative uses
D. Deals with the production of goods for present and future consumption
E. Is related to how choice is made

Question 2 :

• WAEC 1992

Economics is a social science because it

A. Deals with an aspect of hman behaviour
B. Provides people with commodity they want
C. Deals with limited resources which have alternative uses
D. Deals with the production of goods for present and future consumption
E. Is related to how choice is made

Question 3 :

• WAEC 1992

Scarcity in Economics generally refers to

A. A period of production
B. Hoarding of goods
C. Monopolization of existing supply of resources
D. Period of famine
E. Resources being limited

Question 4 :

• WAEC 1992

Opportunity cost is define as the

A. Money cost
B. Cost of production
C. Real cost
D. Variable cost
E. Fixed cost

Question 5 :

• WAEC 1992

the most basic concern of economists is to

A. Create human wants
B. Saisfy all human wants
C. Redistrubute income so that it is used correctly
D. Create perfect competition
E. Allocate scarce resources to satisfy human wants