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Economics 2008 WAEC Past Questions

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1

The main concern of economists is to

  • A. allocate scarce resouces to satisfy human wants
  • B. satisfy all human wants
  • C. redistribute income between the rich and the poor
  • D. control the growth of population
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2

Productive resources can also be called

  • A. principle of production
  • B. factors of production
  • C. items of production
  • D. labour and material resources
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3

Production covers all the following except when

  • A. utility is created
  • B. a good is manufactured
  • C. a commodity is consumed
  • D. individual wants are satisfied
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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4

Data presented in tables are usually arranged in

  • A. charts and graphs
  • B. rows and columns
  • C. graph and rows
  • D. columns and charts
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5

The theory of diminishing marginal utility states that as more units of a commodity are consumed, the

  • A. satisfaction from an extra unit decreases
  • B. satisfaction from an extra unit rises
  • C. satisfaction from an extra units remains constant
  • D. total satisfaction from the goods remains the same
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