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1576
Opportunity cost is define as the
  • A. money cost
  • B. cost of production
  • C. real cost
  • D. variable cost
  • E. fixed cost
View Answer & Discuss WAEC 1992
1577
the most basic concern of economists is to
  • 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
View Answer & Discuss WAEC 1992
1578
The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be
  • A. excess demand
  • B. excess supply
  • C. shortage in the market
  • D. many buyers in the market
  • E. no buyer in the market
View Answer & Discuss WAEC 1992
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1579
In Economics production is complete when
  • 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
View Answer & Discuss WAEC 1992
1580
which of the following is not a characteristics of money?
  • A. Scarcity
  • B. Durability
  • C. Divisibility
  • D. Homogeneity
  • E. Mobility
View Answer & Discuss (3) WAEC 1992
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