Waec Economics Past Questions and Answers

Question 1851:

• WAEC 2021

Two factors which can improve the efficiency of labour are ____________

A. Population size and age of retirement
B. School leaving age and number of disabled workers
C. Work environment and health status of workers
D. School leaving age and number of part-time workers

Question 1852:

• WAEC 2021

The study of economics is Important to every society because it ____________

A. Enables individuals to satisfy all their wants
B. Helps in the utilization of scarce resources.
C. Helps producers to know what to produce.
D. Restores equilibrium between producers and consumers

Question 1853:

• WAEC 2021

A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes Is the ______________

A. Dress.
B. Jewelry.
C. Handbag and Jewelry.
D. Dress and Jewelry

Question 1854:

• WAEC 2021

The distinguishing function of an entrepreneur is _____________

A. Planning.
B. Control.
C. Risk-bearing.
D. Management.

Question 1855:

• WAEC 2021

When a commodity market operates without government interference, commodities are distributed through _____________

A. A government distribution agencies.
B. The operation of price mechanism.
C. A central planning committee
D. Retailers only.