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Economics 1995 WAEC Past Questions

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1
Economics is a social science which studies how
  • A. to redistrubute income
  • B. human beings behave
  • C. the market price is fixed
  • D. scarce resources are allocated to satisfy human wants
  • E. high cost of a commodity
View Answer & Discuss WAEC 1995
2
Scarcity in economics means
  • A. shortage of commodity
  • B. unlimited demands for consumer goods
  • C. limited supply of goods and services
  • D. total absence of a commodity in the market
  • E. high cost of a commodity
View Answer & Discuss WAEC 1995
3
The decision on what to produce is a problem in
  • A. all economics system
  • B. a mixed economic system only
  • C. a democratic socialist economy only
  • D. a free enterprise system only
  • E. a planned eceonomic system only
View Answer & Discuss WAEC 1995
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4
The law of demand states that
  • A. as price increases, quantity demanded remains constant
  • B. demand increases as price increases
  • C. as price falls, quantity demanded also falls
  • D. as price falls, quantity demanded increases
  • E. demand and supply remains constant whether price fall or increase
View Answer & Discuss WAEC 1995
5
which of the following is an important limiting factor in the application of division of labour?
  • A. market size
  • B. availability of an infrastructure
  • C. wage rate
  • D. Raw materials
  • E. Availabily of land
View Answer & Discuss WAEC 1995
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