Waec Economics Past Questions and Answers

Question 1201:

• WAEC 2010

(a) What is a commercial bank? [4 marks]
(b) Describe any four ways by which the Central Bank controls the amount of credit given by the commercial bank [16 marks]

Question 1202:

• WAEC 2011

Human wants are

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

Question 1203:

• WAEC 2011

Human wants are

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

Question 1204:

• 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 1205:

• 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