WAEC 1988 : Economics

1Economics is a science which studies human behaviours as a relationship between ends and scarce means which have alternative uses. 'Ends' her refers to

  • A. resource
  • B. wants
  • C. choice
  • D. output
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2A review of occupational distribution of population from time to time helps us to know the

  • A. rate of which the population grows
  • B. number of people that makes up the labour force
  • C. efficiency of the working population
  • D. industries which are becoming less important
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3The price of a commodity is determined by the

  • A. supplier
  • B. consumer
  • C. quantity of goods demanded
  • D. quantity of goods supplied
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4The equilibrium position of a firm is attained

  • A. when MC = AR
  • B. when MC = PC
  • C. when MC = MR
  • D. when AC = AR
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5in any economic system , which of the following is not an economic problem

  • A. what goods and services to produce
  • B. for whom to produce goods or services
  • C. what techniques of production to be adopted
  • D. equal distribution of goods and services
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