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Economics Past Questions and Answers

Waec Economics Questions

Question 1666:

In which of the following economics system is the consumer referred to as ‘The King’?

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A Planned economy
B Mixed economy
C Traditional economy
D Free Market economy
E Socialist economy

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Question 1667:

Into which of these organization would you classify the International Monetary Fund (IMF) ?

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A Political organization
B Trade organization
C Financial organization
D Social organization
E Commercial organization

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Question 1668:

A normal demand curve is

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A Is concave to the point of origin
B Is convex to the point of origin
C Is parallel to X axis
D Is parallel to Y axis
E Slopes upwards from left to right

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Question 1669:

A demand schedule is

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A A table containing the price of goods
B A table showing the relationship between price and quantity demanded of a commodity
C A table showing the consumer demand on order of importance
D The quantity of goods the consumer is prepared to buy
E The market demand

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Question 1670:

The ranking of a consumer’s need in order of importance is termed

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A An opportunity cost
B Economies of scale
C A scale of preference
D The making of choice
E Direct production

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