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Economics 1994 WAEC Past Questions

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1
The definition of economics as 'the science which studies human behaviuor as a relationship between ends and scarce means which have alternative uses' was given by
  • A. Adam Smith
  • B. David Ricardo
  • C. Lionel Robbins
  • D. Thomas R. Mtithus
  • E. Robert Giffen
View Answer & Discuss WAEC 1994
2
The concept of economics efficiency primarily implies
  • A. containing the maximum output from available resources at the lowest possible cost
  • B. conserving our petroleum resources
  • C. equity in the distribution of the nation's wealth
  • D. production without waste
  • E. the limited wants unlimited resources dilemma
View Answer & Discuss (2) WAEC 1994
3
Which of the following is true of NEPA as a public corporation in Nigeria? It is
  • A. a solar energy distribution
  • B. organized in a perfectly competitive market
  • C. a duopoly
  • D. a monopolistically competitive industry
  • E. a monopoly
View Answer & Discuss WAEC 1994
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4

a situation of full employment exist when

  • A. every adult is employed
  • B. all adults who can work are employed
  • C. all persons who have attained the age of 15 years and above are employed
  • D. only the disabled are not employed
  • E. all those who are able and eligible to work are employed
View Answer & Discuss (2) WAEC 1994
5
which of the following function of money makes it possible for any person to provide for old age?
  • A. medium of exchange
  • B. stores of value
  • C. measures of value
  • D. unit of account
  • E. standard for deferred payment
View Answer & Discuss WAEC 1994
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