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Economics 1997 WAEC Past Questions

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1
Economics is often described as a science because it
  • A. adopts the use of laboratory experiments
  • B. involves accurate predictions of human beings
  • C. makes use of controlled experiment
  • D. use scientific methods to explain observed phenomena
  • E. deals with observation and field work
View Answer & Discuss WAEC 1997
2
Scarcity in Economics means that
  • A. the economy can scarecely produce anything
  • B. human wants are limitless
  • C. the economy has very few resources
  • D. human wants are limited, relative to resources
  • E. resources are limited relative to wants
View Answer & Discuss WAEC 1997
3
which of the following has a derived demand?
  • A. labour
  • B. butter
  • C. television set
  • D. breads
  • E. motor cars
View Answer & Discuss WAEC 1997
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4
In Economics production is complete when
  • A. Goods are manufactured in the factories
  • B. are sold to the final consumer
  • C. goods and services are distributed by the government
  • D. producers fixed the price of goods produced
  • E. goods and services gets to the retailer
View Answer & Discuss WAEC 1997
5
Goods are said to be in competitive demand when they
  • A. Are substitutes
  • B. Are complementary to each other
  • C. Are jointly demanded
  • D. Have equal coefficient of elasticity
  • E. Are identical
View Answer & Discuss WAEC 1997
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