Economics 2011 Waec Past Questions and Answers

Question 1 :

• WAEC 2011

Human wants are

A. Limited
B. Scarce
C. Unlimited
D. In grades

Question 2 :

• WAEC 2011

Human wants are

A. Limited
B. Scarce
C. Unlimited
D. In grades

Question 3 :

• WAEC 2011

The difference between the money cost and the real cost of any item is that

A. Real cost is the alternative forgone while the money cost is the actual amount paid for buying the item
B. The real cost is the opportunity cost, while the money cost is the marginal cost
C. Money cost is the opportunity cost, while the real cost is the actual cost in monetary terms
D. Money cost is always greater than the real cost

Question 4 :

• WAEC 2011

The production possibility curve (PPC) indicates that as more of one good is produced.

A. Less of the other goods is produced
B. The same quantity of the other good is produced
C. More of the other good is produced
D. None of the other good is produced

Question 5 :

• WAEC 2011

An arrangement of data in rows and columns is referred to as

A. Graph
B. Bar chart
C. Pie chart
D. Table