Waec Economics 1995 Past Questions and Answers

Question 1:

• WAEC 1995

Economics is a social science which studies how

A. To redistrubute income
B. Human beings behave
C. The market price is fixed
D. Scarce resources are allocated to satisfy human wants
E. High cost of a commodity

Question 2:

• WAEC 1995

Economics is a social science which studies how

A. To redistrubute income
B. Human beings behave
C. The market price is fixed
D. Scarce resources are allocated to satisfy human wants
E. High cost of a commodity

Question 3:

• WAEC 1995

Scarcity in economics means

A. Shortage of commodity
B. Unlimited demands for consumer goods
C. Limited supply of goods and services
D. Total absence of a commodity in the market
E. High cost of a commodity

Question 4:

• WAEC 1995

The decision on what to produce is a problem in

A. All economics system
B. A mixed economic system only
C. A democratic socialist economy only
D. A free enterprise system only
E. A planned eceonomic system only

Question 5:

• WAEC 1995

The law of demand states that

A. As price increases, quantity demanded remains constant
B. Demand increases as price increases
C. As price falls, quantity demanded also falls
D. As price falls, quantity demanded increases
E. Demand and supply remains constant whether price fall or increase