Waec Economics Past Questions For Year 2009
Question 1
The concept of opportunity cost is also referred to as
- A. social cost
- B. real cost
- C. fixed cost
- D. variable cost
Question 2
» the study of economics becomes necessary because of the
- A. large population size of the world
- B. scarcity of resources
- C. opportunity cost of goods and services
- D. needs to satisfy every desire of man
Question 3
In a capitalist economy, resources are
- A. collectively owned
- B. jointly owned
- C. privately owned
- D. communally owned
Question 4
the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as
- A. capital economic system
- B. command economic system
- C. combined economic system
- D. traditional
Question 5
All the following are features of market economies except
- A. competition among producers
- B. demand and supply force guiding production decision
- C. that profit motive is paramount
- D. public ownership of capital
