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Economics 2016 WAEC Past Questions

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1
Human wants are insatiable because wants are
  • A. limited while means are scarce
  • B. unlimited and means are also unlimited
  • C. limited and means are also limited
  • D. unlimited while means are scarce
View Answer & Discuss (1) WAEC 2016
2
Scale of preference is important for the following reasons except in
  • A. satisfying wants
  • B. making rational
  • C. making optinum allocation of resources
  • D. using scarce resources efficiently
View Answer & Discuss (8) WAEC 2016
3
In a socialist economy, prices of commodities are determined by
  • A. forces of demand and supply
  • B. producers of the commodities
  • C. the central planning authority
  • D. consumers who are sovereign
View Answer & Discuss (1) WAEC 2016
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4
Which of the following cannot be classified as land in economics
  • A. Bauxite deposit in the ground
  • B. A lake used for irrigation
  • C. A bulldozer for clearing farm land
  • D. Grazing field for cattle
View Answer & Discuss (1) WAEC 2016
5
A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer question 5 and 6

If the budget of the country was $7,200, how much is allocated to Education?
  • A. $2,400.00
  • B. $2,000.00
  • C. $1,200.00
  • D. $1,000.00
View Answer & Discuss (3) WAEC 2016
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076
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