Waec Economics Past Questions and Answers

Question 836:

• WAEC 2005

Economic activities are undertaken to solve the problem of

A. Desire to spend more income on consumption
B. Opprotuinity cost
C. Production
D. Scarcity

Question 837:

• WAEC 2005

Farming, mining and fishing are

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

Question 838:

• WAEC 2005

A list of consumer's wants arranged in order of priorities is known as

A. A budget
B. An opprotuniy cost
C. A scale of preference
D. Choice

Question 839:

• WAEC 2005

The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that

A. Olu's real cost is 150.00 Naira
B. Olu's opprtunity cost is the T-shirt he bought
C. Olu's opportunity cost is the textbook
D. Olu's money cost is also the real cost

Question 840:

• WAEC 2005

The remuneration of the entrepreneur as a factor of production is called

A. Wages
B. Salary
C. Interest
D. Profit