Waec Economics 2014 Past Questions and Answers

Question 1:

• WAEC 2014

Human want are unlimited because

A. Production is inadequate
B. Resources have alternative uses
C. New wants always rise
D. Resources are limited

Question 2:

• WAEC 2014

Human want are unlimited because

A. Production is inadequate
B. Resources have alternative uses
C. New wants always rise
D. Resources are limited

Question 3:

• WAEC 2014

A basic economic problem of any society is

A. High level of illiteracy
B. Irregular power supply
C. Population growth
D. Resource allocation

Question 4:

• WAEC 2014

In a centrally planned economy, what to produce is

A. Determined by the forces of demand and spply
B. Driven by profit motive
C. Determined by consumers
D. The responsibility of state's bureaucrats

Question 5:

• WAEC 2014

Which of following is not a feature of socialism?

A. Collective ownership of productive resources
B. Freedom of enterprise
C. Production is not based on the profit motive
D. Maximization of public welfare