Waec Economics 1993 Past Questions and Answers

Question 1:

• WAEC 1993

Economics is the study of how to

A. Choose between alternatives, given limited resources
B. Regulate the money that is in circulation in a country
C. Be prudent in the use of available resources
D. Improve the standard of living of the society at large
E. Arrange our needs in order of usefulness before satisfying them

Question 2:

• WAEC 1993

Economics is the study of how to

A. Choose between alternatives, given limited resources
B. Regulate the money that is in circulation in a country
C. Be prudent in the use of available resources
D. Improve the standard of living of the society at large
E. Arrange our needs in order of usefulness before satisfying them

Question 3:

• WAEC 1993

Scarcity in economics arises because

A. The resources availoable are adequate
B. Individuals have limited time
C. Resources are limited in supply
D. Human beigns have limited wants
E. Individual wants are equal to the resources available

Question 4:

• WAEC 1993

The real cost of a commodity is

A. The cost of the alternative that has to be sacrificed for it
B. The alternative that has to be forgone in order to purchase it
C. Its market price
D. The alternative cost involved when the opportunity of buying the commodity is missed
E. The sacrifice that is made after buying the commodity

Question 5:

• WAEC 1993

Public corporation in West Africa are set up to

A. Make maximum profit
B. Provide jobs for the people
C. Provide welfare service for the people
D. Show that the government can do business
E. Compete with private enterprises