Waec Economics 1992 Past Questions and Answers

Question 6:

• WAEC 1992

The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be

A. Excess demand
B. Excess supply
C. Shortage in the market
D. Many buyers in the market
E. No buyer in the market

Question 7:

• WAEC 1992

In Economics production is complete when

A. Goods are produced in the factories
B. Goods are sold to wholesalers
C. Prices are fixed for goods and services
D. Goods and services reach the consumer
E. Goods are sold to retailers

Question 8:

• WAEC 1992

which of the following is not a characteristics of money?

A. Scarcity
B. Durability
C. Divisibility
D. Homogeneity
E. Mobility

Question 9:

• WAEC 1992

which of the following defines Economics most comprehensively ?

A. The study of buying and selling
B. The organization of industries and markets
C. The study of human behaviour in the allocation of scarce resources
D. National development, planning and budgeting
E. The study of market forces as they affected human behaviour

Question 10:

• WAEC 1992

A society that is on its production possibility curve

A. Has attained full employment but not full production
B. Has attained full production but not full employment
C. Is using its resources inefficiently
D. Has attained both full employment and full production
E. Has a lower output level than it should have