WAEC Economics questions

367 questions with answers and explanations. Tap an option to check yourself.

1. Question 61· Economics as a science· WAEC

   Adaeze has ₦2,000 and can buy either a textbook or a pair of sandals. She buys the textbook. Her opportunity cost is

   • Anothing
   • Bthe textbook
   • C₦2,000
   • Dthe sandals

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   Explanation and discussion

2. Question 62· Economics as a science· WAEC

   A statement that can be tested against facts is called a

   • Apositive statement
   • Bnormative statement
   • Cvalue judgement
   • Dpolicy statement

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   Explanation and discussion

3. Question 63· Economics as a science· WAEC

   A scale of preference helps an individual to

   • Aavoid all choices
   • Bincrease income
   • Crank wants in order of importance
   • Dcreate resources

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   Explanation and discussion

4. Question 64· Economics as a science· WAEC

   The alternative forgone when a choice is made is known as

   • Amoney cost
   • Bopportunity cost
   • Cfixed cost
   • Dmarginal cost

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   Explanation and discussion

5. Question 65· Economics as a science· WAEC

   A statement that can be checked against facts, such as 'a rise in price reduces quantity demanded', is

   • Aan opinion
   • Ba normative statement
   • Ca value judgement
   • Da positive statement

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6. Question 66· Economics as a science· WAEC

   Opportunity cost refers to the

   • Atotal cost of production
   • Bmoney price of a good
   • Calternative given up when a choice is made
   • Dcost of borrowing

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7. Question 67· Economics as a science· WAEC

   Which of these is a positive economic statement?

   • AGovernment ought to cut taxes
   • BNigeria's inflation rate rose last year
   • CPrices should be controlled
   • DWorkers deserve higher wages

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8. Question 68· Economics as a science· WAEC

   Economics is best described as the study of how

   • Agovernments print money
   • Bfirms make profit at all costs
   • Csociety allocates scarce resources among competing wants
   • Dpeople save money in banks

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9. Question 69· Economics as a science· WAEC

   A student who buys a textbook instead of a pair of shoes with the same money has incurred an opportunity cost equal to the

   • Atextbook
   • Bpair of shoes
   • Cmoney spent
   • Dbookshop's profit

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10. Question 70· Economics as a science· WAEC

    Economics is a social science because it studies

    • Ahuman behaviour in relation to scarce resources
    • Brocks and minerals
    • Cplants
    • Dthe stars

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11. Question 71· Economics as a science· WAEC

    Microeconomics studies

    • Anational income
    • Bthe behaviour of individual units such as firms and households
    • Cinflation in the whole economy
    • Dtotal employment

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12. Question 72· Economics as a science· WAEC

    Opportunity cost is

    • Athe money price of a good
    • Bthe next best alternative forgone
    • Cthe total cost of production
    • Dthe cost of transport

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13. Question 73· Factors of production· WAEC

    The mobility of labour refers to the ease with which labour can

    • Amove from one occupation or place to another
    • Bbe replaced by machines
    • Cearn interest
    • Dbecome land

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    Explanation and discussion

14. Question 74· Factors of production· WAEC

    The reward for land as a factor of production is

    • Awages
    • Binterest
    • Crent
    • Dprofit

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15. Question 75· Factors of production· WAEC

    Occupational mobility of labour is improved by

    • Afixed wages
    • Btraining and education
    • Chousing shortage
    • Dfamily ties

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16. Question 76· Factors of production· WAEC

    Which of these is an example of capital as a factor of production?

    • Aa farm worker
    • Ba river
    • Ca grinding machine in a garri factory
    • Dforest land

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17. Question 77· Factors of production· WAEC

    The supply of land is

    • Afixed in total quantity
    • Bunlimited
    • Cincreased by advertising
    • Dmobile geographically

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18. Question 78· Factors of production· WAEC

    Ada starts a bakery, hires workers and bears the loss if it fails. In economics she is the

    • Alabour
    • Bentrepreneur
    • Ccapital
    • Dland

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19. Question 79· Factors of production· WAEC

    Land as a factor of production is said to be fixed in supply because

    • Ait is man-made
    • Bit can be moved easily
    • Cits total quantity cannot be increased
    • Dit earns interest

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20. Question 80· Factors of production· WAEC

    Mrs Okafor brings together land, labour and capital to run a poultry farm and bears the risk. Her reward is

    • Arent
    • Bprofit
    • Cwages
    • Dinterest

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    Explanation and discussion