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Economics Past Questions and Answers

Economics Questions

Question 3441:
WAEC 2014
Human want are unlimited because
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  • A Production is inadequate
  • B Resources have alternative uses
  • C New wants always rise
  • D Resources are limited
View Answer & Explanation
Question 3442:
WAEC 2014
A basic economic problem of any society is
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  • A High level of illiteracy
  • B Irregular power supply
  • C Population growth
  • D Resource allocation
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Question 3443:
WAEC 2014
In a centrally planned economy, what to produce is
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  • A Determined by the forces of demand and spply
  • B Driven by profit motive
  • C Determined by consumers
  • D The responsibility of state's bureaucrats
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Question 3444:
WAEC 2014
Which of following is not a feature of socialism?
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  • A Collective ownership of productive resources
  • B Freedom of enterprise
  • C Production is not based on the profit motive
  • D Maximization of public welfare
View Answer & Explanation
Question 3445:
WAEC 2014
Households make economic decisions because they want to
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  • A Make more profit
  • B Increase their salaries and wages
  • C Increase their purchases
  • D Maximize their satisfaction
View Answer & Explanation

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