Waec Economics Past Questions and Answers

Question 191:

• WAEC 1992

the most basic concern of economists is to

A. Create human wants
B. Saisfy all human wants
C. Redistrubute income so that it is used correctly
D. Create perfect competition
E. Allocate scarce resources to satisfy human wants

Question 192:

• WAEC 1992

The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be

A. Excess demand
B. Excess supply
C. Shortage in the market
D. Many buyers in the market
E. No buyer in the market

Question 193:

• WAEC 1992

In Economics production is complete when

A. Goods are produced in the factories
B. Goods are sold to wholesalers
C. Prices are fixed for goods and services
D. Goods and services reach the consumer
E. Goods are sold to retailers

Question 194:

• WAEC 1992

which of the following is not a characteristics of money?

A. Scarcity
B. Durability
C. Divisibility
D. Homogeneity
E. Mobility

Question 195:

• WAEC 1992

which of the following defines Economics most comprehensively ?

A. The study of buying and selling
B. The organization of industries and markets
C. The study of human behaviour in the allocation of scarce resources
D. National development, planning and budgeting
E. The study of market forces as they affected human behaviour