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Economics 2003 WAEC Past Questions

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1
Economic as a field of study is a
  • A. pure science
  • B. polititcal science
  • C. social science
  • D. physical science
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2
The major agents of economics system are
  • A. consumer, workers and producers
  • B. markets, telecommunication and banks
  • C. schools, hospitals and universisties
  • D. indidviduals , firms and government
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3
which of the following is not an advantage of tubular presentation of data?
  • A. enables easy location of required figures
  • B. makes for easy comaprison of figures
  • C. occupy more space than mathematical equations
  • D. showa wether the figures are increasing or decreasing
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4
The problem of scarcity is reduced by
  • A. controlling consumption of goods and services
  • B. producing everything needed by the consumers
  • C. ensuring efficient allocation of resources
  • D. restricting consumer choice and tatste
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5
The reward for labour is
  • A. wage
  • B. profit
  • C. rent
  • D. dividend
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