Waec Economics 1998 Past Questions and Answers

Question 1:

• WAEC 1998

the study of Economics enables the individuals to

A. Be misserly in the spending of his money
B. Derive maximum satisfaction from the money he spends
C. Determines the right market to visit
D. Avoids purchase of luxurious items
E. Derive solution to all problems

Question 2:

• WAEC 1998

the study of Economics enables the individuals to

A. Be misserly in the spending of his money
B. Derive maximum satisfaction from the money he spends
C. Determines the right market to visit
D. Avoids purchase of luxurious items
E. Derive solution to all problems

Question 3:

• WAEC 1998

one way of solving the problem of scarcity that faces the individuals is for

A. The government to import goods massively so that the citizen can get all they want
B. Them to work very hard so that they are able to buy all their wants
C. Them to choose between alternative since they cannot meet all their wants
D. The government to study people's behaviour in order to know their wants
E. Them to use their resources as they want

Question 4:

• WAEC 1998

At what price will a trader be ready to sell 6 oranges using the equilibrium below. p = 1/2 q + 2. where p is price and q is quantity?

A. N3.00
B. N4.00
C. N5.00
D. N6.00
E. N8.00

Question 5:

• WAEC 1998

If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to

A. Cut costs
B. Maximize costs
C. Increase profits
D. Maximize utility
E. Manage scarce resources