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WAEC Economics questions: Economics as a science

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

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All topicsAgriculture in Nigeria · 15Business organisations · 14Economic growth and development · 15Economic systems · 13Economics as a science · 15Factors of production · 15Financial institutions · 14Industry and industrialisation · 15International economic organisations · 16International trade · 16Market structures · 15Methods and tools of economic analysis · 14Money and inflation · 17National income · 18Natural resources and the Nigerian economy · 15Population · 15Public finance · 14The labour market · 15Theory of consumer behaviour · 15Theory of costs and revenue · 16Theory of demand · 21Theory of price determination · 14Theory of production · 14Theory of supply · 16

  1. Question 1· Economics as a science· WAEC

    Mrs. Bello has ₦10,000 but wants food, clothes and school books costing ₦25,000. Her problem illustrates

    Explanation and discussion

  2. Question 2· Economics as a science· WAEC

    Economics is mainly concerned with how people

    Explanation and discussion

  3. Question 3· Economics as a science· WAEC

    A student who chooses to buy a textbook instead of a pair of shoes faces the problem of

    Explanation and discussion

  4. Question 4· 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

    Explanation and discussion

  5. Question 5· Economics as a science· WAEC

    A statement that can be tested against facts is called a

    Explanation and discussion

  6. Question 6· Economics as a science· WAEC

    A scale of preference helps an individual to

    Explanation and discussion

  7. Question 7· Economics as a science· WAEC

    The alternative forgone when a choice is made is known as

    Explanation and discussion

  8. Question 8· Economics as a science· WAEC

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

    Explanation and discussion

  9. Question 9· Economics as a science· WAEC

    Opportunity cost refers to the

    Explanation and discussion

  10. Question 10· Economics as a science· WAEC

    Which of these is a positive economic statement?

    Explanation and discussion

  11. Question 11· Economics as a science· WAEC

    Economics is best described as the study of how

    Explanation and discussion

  12. Question 12· 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

    Explanation and discussion

  13. Question 13· Economics as a science· WAEC

    Economics is a social science because it studies

    Explanation and discussion

  14. Question 14· Economics as a science· WAEC

    Microeconomics studies

    Explanation and discussion

  15. Question 15· Economics as a science· WAEC

    Opportunity cost is

    Explanation and discussion

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