WAEC Economics Past Questions

Which of the following is the best general definition of the study of economics?

1. a.the best way invest in the stock market
2. b.business decision making under foreign competition
3. c.individual and social choice
4. d.inflation unemployment in a growing economy

Which of the following is an economic cost

1. a.uninsurable risk
2. b.normal profit
3. c.economic profit
4. d.monopoly profit.

An economic system can be defined as an

1. a.arrangement specifying how production and consumption are controlled in a society
2. b.arrangement whereby goods are distributed in a society
3. c.arrangement whereby human wants are satisfied in a society
4. d.arrangement specifying how productive resources are distributed in a society

The following are features of a free market economy except

1. a.private ownership of properties
2. b.existence of competition
3. c.high level of profit maximization by private investors
4. d.joint decision-making by the citizens in a society.

In a capitalist society, production and consumption are regulated by the:

1. a.demand for the commodity
2. b.the government
3. c.price system
4. d.private individuals

The following are advantages of socialism except

1. a.equitable distribution of resources
2. b.absence of exploitation
3. c.equitable distribution of income
4. d.promotion of high standard of living

Marginal Produce (MP) is best defined as

1. a.Total produce/no of labour
2. b.Change in total product/ change in variable factor
3. c.Total product/ fixed factor
4. d.Average product/ no of Labour

Which of the following is NOT a limitation to division of labour and specialization

1. a.the size of the market
2. b.availability of capital
3. c.interdependence among the workers
4. d.the nature of the product