Waec Economics 2000 Past Questions and Answers

Question 1:

• WAEC 2000

Scarcity implies that

A. Goods cannot be produced efficiently
B. Human wants are unlimited
C. Goods and services are limited in supply
D. Commodities are evenly distributed within the economy

Question 2:

• WAEC 2000

Scarcity implies that

A. Goods cannot be produced efficiently
B. Human wants are unlimited
C. Goods and services are limited in supply
D. Commodities are evenly distributed within the economy

Question 3:

• WAEC 2000

economy problems arises mainly as a result of

A. Inaccurate statistical data in West Africa
B. Excessive wastage of available resources
C. Lack of foresight on the part of resource users
D. Limitation in the availability of resouces

Question 4:

• WAEC 2000

Basic extractive activities are classified as

A. Manufacturing production
B. Tertiary production
C. Secondary production
D. Primary production

Question 5:

• WAEC 2000

The entire satisfaction that a consumer derived from a successive consumption of a particular commodity is known as

A. Marginal utility
B. Total utility
C. Average utility
D. Diminishing utility