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Economics Past Questions and Answers

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Waec Economics Questions

Question 191:

the most basic concern of economists is to

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A Create human wants
B Saisfy all human wants
C Redistrubute income so that it is used correctly
D Create perfect competition
E Allocate scarce resources to satisfy human wants

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Question 192:

The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be

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A Excess demand
B Excess supply
C Shortage in the market
D Many buyers in the market
E No buyer in the market

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Question 193:

In Economics production is complete when

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A Goods are produced in the factories
B Goods are sold to wholesalers
C Prices are fixed for goods and services
D Goods and services reach the consumer
E Goods are sold to retailers

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Question 194:

which of the following is not a characteristics of money?

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A Scarcity
B Durability
C Divisibility
D Homogeneity
E Mobility

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Question 195:

which of the following defines Economics most comprehensively ?

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A The study of buying and selling
B The organization of industries and markets
C The study of human behaviour in the allocation of scarce resources
D National development, planning and budgeting
E The study of market forces as they affected human behaviour

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