Waec Economics Past Questions and Answers

Question 1666:

• WAEC 2019

In which of the following economics system is the consumer referred to as ‘The King’?

A. Planned economy
B. Mixed economy
C. Traditional economy
D. Free Market economy
E. Socialist economy

Question 1667:

• WAEC 2019

Into which of these organization would you classify the International Monetary Fund (IMF) ?

A. Political organization
B. Trade organization
C. Financial organization
D. Social organization
E. Commercial organization

Question 1668:

• WAEC 2019

A normal demand curve is

A. Is concave to the point of origin
B. Is convex to the point of origin
C. Is parallel to X axis
D. Is parallel to Y axis
E. Slopes upwards from left to right

Question 1669:

• WAEC 2019

A demand schedule is

A. A table containing the price of goods
B. A table showing the relationship between price and quantity demanded of a commodity
C. A table showing the consumer demand on order of importance
D. The quantity of goods the consumer is prepared to buy
E. The market demand

Question 1670:

• WAEC 1996

The ranking of a consumer’s need in order of importance is termed

A. An opportunity cost
B. Economies of scale
C. A scale of preference
D. The making of choice
E. Direct production