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Monday, 09 November 2026
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Economics Past Questions and Answers

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Waec Economics Questions

Question 376:
WAEC 1997
Economics is often described as a science because it
SchoolNGR Classroom
  • A Adopts the use of laboratory experiments
  • B Involves accurate predictions of human beings
  • C Makes use of controlled experiment
  • D Use scientific methods to explain observed phenomena
  • E Deals with observation and field work
View Answer & Explanation
Question 377:
WAEC 1997
Economics is often described as a science because it
SchoolNGR Classroom
  • A Adopts the use of laboratory experiments
  • B Involves accurate predictions of human beings
  • C Makes use of controlled experiment
  • D Use scientific methods to explain observed phenomena
  • E Deals with observation and field work
View Answer & Explanation
Question 378:
WAEC 1997
Scarcity in Economics means that
SchoolNGR Classroom
  • A The economy can scarecely produce anything
  • B Human wants are limitless
  • C The economy has very few resources
  • D Human wants are limited, relative to resources
  • E Resources are limited relative to wants
View Answer & Explanation
Question 379:
WAEC 1997
which of the following has a derived demand?
SchoolNGR Classroom
  • A Labour
  • B Butter
  • C Television set
  • D Breads
  • E Motor cars
View Answer & Explanation
Question 380:
WAEC 1997
In Economics production is complete when
SchoolNGR Classroom
  • A Goods are manufactured in the factories
  • B Are sold to the final consumer
  • C Goods and services are distributed by the government
  • D Producers fixed the price of goods produced
  • E Goods and services gets to the retailer
View Answer & Explanation

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