Waec Economics 2016 Past Questions and Answers

Question 1:

• WAEC 2016

Human wants are insatiable because wants are

A. Limited while means are scarce
B. Unlimited and means are also unlimited
C. Limited and means are also limited
D. Unlimited while means are scarce

Question 2:

• WAEC 2016

Human wants are insatiable because wants are

A. Limited while means are scarce
B. Unlimited and means are also unlimited
C. Limited and means are also limited
D. Unlimited while means are scarce

Question 3:

• WAEC 2016

Scale of preference is important for the following reasons except in

A. Satisfying wants
B. Making rational
C. Making optinum allocation of resources
D. Using scarce resources efficiently

Question 4:

• WAEC 2016

In a socialist economy, prices of commodities are determined by

A. Forces of demand and supply
B. Producers of the commodities
C. The central planning authority
D. Consumers who are sovereign

Question 5:

• WAEC 2016

Which of the following cannot be classified as land in economics

A. Bauxite deposit in the ground
B. A lake used for irrigation
C. A bulldozer for clearing farm land
D. Grazing field for cattle