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Economics WAEC Past Questions

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181
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
  • A. budget deficit
  • B. balanced budget
  • C. budget surplus
  • D. budget statement
  • E. unfavourable budget
View Answer & Discuss WAEC 1992
182
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
  • A. budget deficit
  • B. balanced budget
  • C. budget surplus
  • D. budget statement
  • E. unfavourable budget
View Answer & Discuss (1) WAEC 1992
183
Land is often different from other factors of production because it
  • A. is a free gift of nature
  • B. constitutes one-third of the entire world
  • C. has different grades
  • D. is owned bt individuals
  • E. is owned by government
View Answer & Discuss WAEC 1992
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184
Economics is the study of how to
  • A. choose between alternatives, given limited resources
  • B. regulate the money that is in circulation in a country
  • C. be prudent in the use of available resources
  • D. improve the standard of living of the society at large
  • E. arrange our needs in order of usefulness before satisfying them
View Answer & Discuss WAEC 1993
185
Scarcity in economics arises because
  • A. the resources availoable are adequate
  • B. individuals have limited time
  • C. resources are limited in supply
  • D. human beigns have limited wants
  • E. individual wants are equal to the resources available
View Answer & Discuss WAEC 1993
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