Economics 1994 Waec Past Questions and Answers

Question 1 :

• WAEC 1994

The definition of economics as 'the science which studies human behaviuor as a relationship between ends and scarce means which have alternative uses' was given by

A. Adam Smith
B. David Ricardo
C. Lionel Robbins
D. Thomas R. Mtithus
E. Robert Giffen

Question 2 :

• WAEC 1994

The definition of economics as 'the science which studies human behaviuor as a relationship between ends and scarce means which have alternative uses' was given by

A. Adam Smith
B. David Ricardo
C. Lionel Robbins
D. Thomas R. Mtithus
E. Robert Giffen

Question 3 :

• WAEC 1994

The concept of economics efficiency primarily implies

A. Containing the maximum output from available resources at the lowest possible cost
B. Conserving our petroleum resources
C. Equity in the distribution of the nation's wealth
D. Production without waste
E. The limited wants unlimited resources dilemma

Question 4 :

• WAEC 1994

Which of the following is true of NEPA as a public corporation in Nigeria? It is

A. A solar energy distribution
B. Organized in a perfectly competitive market
C. A duopoly
D. A monopolistically competitive industry
E. A monopoly

Question 5 :

• WAEC 1994

a situation of full employment exist when

A. Every adult is employed
B. All adukts who can work are employed
C. All persons who have attained the age of 15 years and above are employed
D. Only the disabled are not employed
E. All those who are able and eligible to work are employed