Waec Economics Past Questions and Answers

Question 376:

• WAEC 1997

Economics is often described as a science because it

A. Adopts the use of laboratory experiments
B. Involves accurate predictions of human beings
C. Makes use of controlled experiment
D. Use scientific methods to explain observed phenomena
E. Deals with observation and field work

Question 377:

• WAEC 1997

Economics is often described as a science because it

A. Adopts the use of laboratory experiments
B. Involves accurate predictions of human beings
C. Makes use of controlled experiment
D. Use scientific methods to explain observed phenomena
E. Deals with observation and field work

Question 378:

• WAEC 1997

Scarcity in Economics means that

A. The economy can scarecely produce anything
B. Human wants are limitless
C. The economy has very few resources
D. Human wants are limited, relative to resources
E. Resources are limited relative to wants

Question 379:

• WAEC 1997

which of the following has a derived demand?

A. Labour
B. Butter
C. Television set
D. Breads
E. Motor cars

Question 380:

• WAEC 1997

In Economics production is complete when

A. Goods are manufactured in the factories
B. Are sold to the final consumer
C. Goods and services are distributed by the government
D. Producers fixed the price of goods produced
E. Goods and services gets to the retailer