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Economics 2011 WAEC Past Questions

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1

Human wants are

  • A. limited
  • B. scarce
  • C. unlimited
  • D. in grades
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2

The difference between the money cost and the real cost of any item is that

  • A. real cost is the alternative forgone while the money cost is the actual amount paid for buying the item
  • B. the real cost is the opportunity cost, while the money cost is the marginal cost
  • C. money cost is the opportunity cost, while the real cost is the actual cost in monetary terms
  • D. money cost is always greater than the real cost
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3

The production possibility curve (PPC) indicates that as more of one good is produced.

  • A. less of the other goods is produced
  • B. the same quantity of the other good is produced
  • C. more of the other good is produced
  • D. none of the other good is produced
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4

An arrangement of data in rows and columns is referred to as

  • A. graph
  • B. bar chart
  • C. pie chart
  • D. table
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5

A normal demand curve slopes

  • A. downward from left to right
  • B. upwards from right to left
  • C. downwards from right to left
  • D. upwards from left to right
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