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Economics Past Questions and Answers

Waec Economics Questions

Question 1:

'Economics is a science which studies human behaviours as a relationship between ends and scarce means which have alternative uses. 'Ends' her refers to

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A Resource
B Wants
C Choice
D Output
E Factors

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Question 2:

'Economics is a science which studies human behaviours as a relationship between ends and scarce means which have alternative uses. 'Ends' her refers to

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A Resource
B Wants
C Choice
D Output
E Factors

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Question 3:

A review of occupational distribution of population from time to time helps us to know the

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A Rate of which the population grows
B Number of people that makes up the labour force
C Efficiency of the working population
D Industries which are becoming less important
E Number of people that are bot employed

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Question 4:

The price of a commodity is determined by the

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A Supplier
B Consumer
C Quantity of goods demanded
D Quantity of goods supplied
E Interaction of demand and supply

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Question 5:

The equilibrium position of a firm is attained

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A When MC = AR
B When MC = PC
C When MC = MR
D When AC = AR
E When AR = MR

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