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Economics 1992 WAEC Past Questions

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1
Economics is a social science because it
  • A. deals with an aspect of hman behaviour
  • B. provides people with commodity they want
  • C. deals with limited resources which have alternative uses
  • D. deals with the production of goods for present and future consumption
  • E. is related to how choice is made
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2
Scarcity in Economics generally refers to
  • A. a period of production
  • B. hoarding of goods
  • C. monopolization of existing supply of resources
  • D. period of famine
  • E. resources being limited
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3
Opportunity cost is define as the
  • A. money cost
  • B. cost of production
  • C. real cost
  • D. variable cost
  • E. fixed cost
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4
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
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5
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
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