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Economics 2024 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
1

There is scarcity when

  • A. the means exceed society's wants.
  • B. demand for resources is greater than its supply.
  • C. productive resources are in excess.
  • D. supply of resources is greater than its demand.
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2

Points within a Production Possibilities Curve (PPC) indicate 

  • A. optimum production levels.
  • B. attainable but inefficient production levels.
  • C. unattainable production levels.
  • D. attainable and efficient production levels.
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3

Which of the following is not a feature of labour?

  • A. It is an active factor
  • B. It is highly mobile
  • C. Its reward is wages or salaries
  • D. Its efficiency depends on its size
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4

The pursuit of private profits is a feature of

  • A. command economies.
  • B. Socialist economies.
  • C. capitalist economies.
  • D. statutory corporations.
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5

A major feature of the socialist economic system is 

  • A. setting of production targets by public authorities.
  • B. freedom of choice for consumers.
  • C. determination of price by market forces.
  • D. private ownership of productive inputs.
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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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