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Economics 2000 WAEC Past Questions

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1
Scarcity implies that
  • A. goods cannot be produced efficiently
  • B. human wants are unlimited
  • C. goods and services are limited in supply
  • D. commodities are evenly distributed within the economy
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2
economy problems arises mainly as a result of
  • A. inaccurate statistical data in West Africa
  • B. excessive wastage of available resources
  • C. lack of foresight on the part of resource users
  • D. limitation in the availability of resouces
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3
Basic extractive activities are classified as
  • A. manufacturing production
  • B. tertiary production
  • C. secondary production
  • D. primary production
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4
The entire satisfaction that a consumer derived from a successive consumption of a particular commodity is known as
  • A. marginal utility
  • B. total utility
  • C. average utility
  • D. diminishing utility
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5
A collective data which has not been processed is referred to as
  • A. disjointed data
  • B. raw data
  • C. class intervals
  • D. frequency
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