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Economics Past Questions and Answers

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Waec Economics Questions

Question 1081:

» the study of economics becomes necessary because of the

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A Large population size of the world
B Scarcity of resources
C Opportunity cost of goods and services
D Needs to satisfy every desire of man

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Question 1082:

The concept of opportunity cost is also referred to as

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A Social cost
B Real cost
C Fixed cost
D Variable cost

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Question 1083:

choice is necessitated by

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A Demand and supply
B Cost of production
C Production possibility curve
D Scarcity of resources

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Question 1084:

A type of unemployment which occurs due to technological progress is called

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A Frictional unemployment
B Residual unemployment
C Structural unemployment
D Mass unemployment

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Question 1085:

All the following are features of market economies except

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A Competition among producers
B Demand and supply force guiding production decision
C That profit motive is paramount
D Public ownership of capital

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