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Economics 2014 WAEC Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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1

Human want are unlimited because

  • A. production is inadequate
  • B. resources have alternative uses
  • C. new wants always rise
  • D. resources are limited
View Answer & Discuss (3) WAEC 2014
2

A basic economic problem of any society is

  • A. high level of illiteracy
  • B. irregular power supply
  • C. population growth
  • D. resource allocation
View Answer & Discuss WAEC 2014
3

In a centrally planned economy, what to produce is

  • A. determined by the forces of demand and spply
  • B. driven by profit motive
  • C. determined by consumers
  • D. the responsibility of state's bureaucrats
View Answer & Discuss WAEC 2014
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4

Which of following is not a feature of socialism?

  • A. Collective ownership of productive resources
  • B. Freedom of enterprise
  • C. production is not based on the profit motive
  • D. Maximization of public welfare
View Answer & Discuss (1) WAEC 2014
5

Households make economic decisions because they want to

  • A. make more profit
  • B. increase their salaries and wages
  • C. increase their purchases
  • D. maximize their satisfaction
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