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Economics 2021 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
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
1

The study of economics IS Important to every society because it______ 

  • A. Enables individuals to satisfy all their wants
  • B. Helps in the utilization of scarce resources.
  • C. Helps producers to know what to produce.
  • D. Restores equilibrium between producers and consumers
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2

A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes Is the________

  • A. Dress.
  • B. Jewelry.
  • C. Handbag and Jewelry.
  • D. Dress and Jewelry
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3

The distinguishing function of an entrepreneur is_______

  • A. Planning.
  • B. Control.
  • C. Risk-bearing.
  • D. Management.
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4

When a commodity market operates without government interference, commodities are distributed through_______

  • A. A government distribution agencies.
  • B. The operation of price mechanism.
  • C. A central planning committee
  • D. Retailers only.
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5

One way of obtaining the median of a given data is to__________

  • A. Sum the value and divide by the number of items.
  • B. Arrange the data in ascending order and subtract each item from the mean.
  • C. Arrange the data in descending order and add each item to the least.
  • D. Arrange the data in either ascending or descending order and find what item divides the set in two equal parts.
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
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