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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
View Answer & Discuss (1) WAEC 2009
2
The concept of opportunity cost is also referred to as
  • A. social cost
  • B. real cost
  • C. fixed cost
  • D. variable cost
View Answer & Discuss WAEC 2009
3
choice is necessitated by
  • A. demand and supply
  • B. cost of production
  • C. production possibility curve
  • D. scarcity of resources
View Answer & Discuss WAEC 2009
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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
View Answer & Discuss (5) WAEC 2009
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
View Answer & Discuss WAEC 2009
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