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Economics 2009 WAEC Past Questions

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1
» the study of economics becomes necessary because of the
  • A. large population size of the world
  • B. scarcity of resources
  • C. opportunity cost of goods and services
  • D. needs to satisfy every desire of man
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2
The concept of opportunity cost is also referred to as
  • A. social cost
  • B. real cost
  • C. fixed cost
  • D. variable cost
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3
choice is necessitated by
  • A. demand and supply
  • B. cost of production
  • C. production possibility curve
  • D. scarcity of resources
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
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4
A type of unemployment which occurs due to technological progress is called
  • A. frictional unemployment
  • B. residual unemployment
  • C. structural unemployment
  • D. mass unemployment
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5
All the following are features of market economies except
  • A. competition among producers
  • B. demand and supply force guiding production decision
  • C. that profit motive is paramount
  • D. public ownership of capital
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free