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Economics Past Questions and Answers

Waec Economics Questions

Question 836:
Economic activities are undertaken to solve the problem of
  • A Desire to spend more income on consumption
  • B Opprotuinity cost
  • C Production
  • D Scarcity
View Answer & Explanation
Question 837:
Farming, mining and fishing are
  • A Primary production
  • B Secondary production
  • C Tertiary production
  • D Intermediate production
View Answer & Explanation
Question 838:
A list of consumer's wants arranged in order of priorities is known as
  • A A budget
  • B An opprotuniy cost
  • C A scale of preference
  • D Choice
View Answer & Explanation
Question 839:
The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that
  • A Olu's real cost is 150.00 Naira
  • B Olu's opprtunity cost is the T-shirt he bought
  • C Olu's opportunity cost is the textbook
  • D Olu's money cost is also the real cost
View Answer & Explanation
Question 840:
The remuneration of the entrepreneur as a factor of production is called
  • A Wages
  • B Salary
  • C Interest
  • D Profit
View Answer & Explanation