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Paper 1 | Objectives | 39 Questions
WASSCE/WAEC MAY/JUNE
Year: 1995
Level: SHS
Time:
Type: Question Paper
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Paper 1 | Objectives
Economics
Exam
1988
FREE
1989
1990
1991
1992
1993
1994
1996
1997
1998
Biology
1999
Government
2010
2020
Agricultural Science
Christian Religious Knowledge/Education/Studies (CRS/CRK/CRE)
2006
Mathematics (Core)
2018
2012
2019
Chemistry
2014
2009
Economics is a social science which studies how
A. to redistrubute income
B. human beings behave
C. the market price is fixed
D. scarce resources are allocated to satisfy human wants
E. high cost of a commodity
Scarcity in economics means
A. shortage of commodity
B. unlimited demands for consumer goods
C. limited supply of goods and services
D. total absence of a commodity in the market
The decision on what to produce is a problem in
A. all economics system
B. a mixed economic system only
C. a democratic socialist economy only
D. a free enterprise system only
E. a planned eceonomic system only
The law of demand states that
A. as price increases, quantity demanded remains constant
B. demand increases as price increases
C. as price falls, quantity demanded also falls
D. as price falls, quantity demanded increases
E. demand and supply remains constant whether price fall or increase
Which of the following is an important limiting factor in the application of division of labour?
A. market size
B. availability of an infrastructure
C. wage rate
D. Raw materials
E. Availabily of land
Which of the following does not encourage the location of industries?
A. Nearness to the market
B. Availability of infrastructural facilities
C. Government influence in sitting industries
D. political instability
E. Abundance of cheap labour
All the under listed factors directly affects the supply of a commodity except
A. price
B. improved production method
C. access to capital
D. demand for the commodity
E. level of income
Which of the following economic system is in operation in Nigeria?
A. Capitalist economy
B. Socialist cum Maxist economy
C. Socialist economy
D. Capitalist and free economy
E. mixed economy
Preview displays only 8 out of the 39 Questions