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Economics Past Questions

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1611
Scarcity in economics arises because
  • A. the resources availoable are adequate
  • B. individuals have limited time
  • C. resources are limited in supply
  • D. human beigns have limited wants
  • E. individual wants are equal to the resources available
View Answer & Discuss WAEC 1993
1612
The real cost of a commodity is
  • A. the cost of the alternative that has to be sacrificed for it
  • B. the alternative that has to be forgone in order to purchase it
  • C. its market price
  • D. the alternative cost involved when the opportunity of buying the commodity is missed
  • E. the sacrifice that is made after buying the commodity
View Answer & Discuss WAEC 1993
1613
Public corporation in West Africa are set up to
  • A. make maximum profit
  • B. provide jobs for the people
  • C. provide welfare service for the people
  • D. show that the government can do business
  • E. compete with private enterprises
View Answer & Discuss WAEC 1993
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1614
Supply in Economics means making
  • A. goods and services available to consumers
  • B. goods available to the market at a given price and at a given period
  • C. available the goods and services which consumers require
  • D. craete goods
  • E. import goods
View Answer & Discuss WAEC 1993
1615
An inferior goods is one
  • A. that is too bad for consumption
  • B. whose price is lower than the price of other goods
  • C. that is easily perishable
  • D. whose demands fall when the income of its consumer increases
  • E. that is not durable
View Answer & Discuss WAEC 1993
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