Economics 2007 Waec Past Questions and Answers

Question 1 :

• WAEC 2007

The three principal economic unit in any system are

A. Trade, industry and banking
B. Workers, consumers and shareholders
C. Households, firms and governments
D. Comapnies, industry and plants

Question 2 :

• WAEC 2007

The three principal economic unit in any system are

A. Trade, industry and banking
B. Workers, consumers and shareholders
C. Households, firms and governments
D. Comapnies, industry and plants

Question 3 :

• WAEC 2007

The satisfaction derived from the use of a commodity is its

A. Demand
B. Elasticity
C. Wealth
D. Utility

Question 4 :

• WAEC 2007

The reward which accrues to labour for participating in production is

A. Interest
B. Wage
C. Bonus
D. Profit

Question 5 :

• WAEC 2007

The Malthusian theory of population does not concern itself with

A. Growth of food production in arithmetical progression
B. Growth of population in geometric progression
C. Positive check to population growth
D. Development and growth of manpower