WAEC: ECONOMICS
Quizzes
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2021 Economics WAEC Objective Past Questions
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2021 Economics WAEC Theory Past Questions
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2020 Economics WAEC Objective Past Questions
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2020 Economics WAEC Theory Past Questions
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2019 Economics WAEC Objective Past Questions
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2019 Economics WAEC Theory Past Questions
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2018 Economics WAEC Objective Past Questions
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2018 Economics WAEC Theory Past Questions
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2017 Economics WAEC Objective Past Questions
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2017 Economics WAEC Theory Past Questions
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2016 Economics WAEC Objective Past Questions
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2016 Economics WAEC Theory Past Questions
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2015 Economics WAEC Objective Past Questions
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2015 Economics WAEC Theory Past Questions
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2014 Economics WAEC Objective Past Questions
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2014 Economics WAEC Theory Past Questions
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Question 1 of 50
1. Question
The fundamental economic problem in every society is
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Question 2 of 50
2. Question
A point X inside a production possibility curve indicates that
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Question 3 of 50
3. Question
The major employer of labour in developing countries is
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Question 4 of 50
4. Question
The desire for profit is a major feature of
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Question 5 of 50
5. Question
The wages of a group of workers in dollars ate stated below:
40, 30, 70, 20, 60, 10, 10, 80, 30, and 10.
What is the mean wage?
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Question 6 of 50
6. Question
If the coefficient of price elasticity of demand of a product is zero, then its demand curve will be
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Question 7 of 50
7. Question
If the demand function is Qd = -0.5p + 20, calculate the quantity demand when price is $15.00
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Question 8 of 50
8. Question
If less of a good is bought as one’s income increases, such good is:
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Question 9 of 50
9. Question
The demand for coffee and tea is
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Question 10 of 50
10. Question
What effect will an increase in the supply of fish have on the meat market?
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Question 11 of 50
11. Question
Which of the following factors is not a condition for change in supply of a commodity?
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Question 12 of 50
12. Question
Supply of agricultural products is likely to be elastic in the
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Question 13 of 50
13. Question
Two commodities X and Y are in joint supply when
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Question 14 of 50
14. Question
Units of
quantity consumedTotal Utility Marginal Utility 0 – – 1 10 10 2 15 5 3 17 2 4 18 1 5 18 0 The table above illustrates the law of
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Question 15 of 50
15. Question
When the price of a good is above the equilibrium, there will be
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Question 16 of 50
16. Question
What happens when a minimum price is imposed in a market?
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Question 17 of 50
17. Question
When an increase in inputs leads to a more than proportionate increase in output, there is
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Question 18 of 50
18. Question
The short-run in production is the time period when
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Question 19 of 50
19. Question
Quantity
(kg)Fixed
Cost
$Variable
Cost
$Total
Cost
$Marginal
Cost
$Average
Cost
$1 750 200 950 – 950 2 750 560 1310 360 655 3 750 900 P Q 550 Calculate the value of Q.
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Question 20 of 50
20. Question
A cost of production that is positively related to output is the
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Question 21 of 50
21. Question
In perfect competition, the average revenue curve is
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Question 22 of 50
22. Question
Which of the following means of funding a business is very reliable and cheap?
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Question 23 of 50
23. Question
Government in most cases influences location of firms to
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Question 24 of 50
24. Question
Middlemen are made up of
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Question 25 of 50
25. Question
The Malthusian theory of population was proved wrong because
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Question 26 of 50
26. Question
Human development can be improved
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Question 27 of 50
27. Question
The use of interest rates to control money supply is a
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Question 28 of 50
28. Question
Agricultural productivity may be increased if
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Question 29 of 50
29. Question
A country is described as industrialized if
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Question 30 of 50
30. Question
Which of the following is a major advantage of establishing a tomato processing factory in your country?
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Question 31 of 50
31. Question
The total value of goods and services produced within the borders of a country is
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Question 32 of 50
32. Question
Which of the following items is not considered as a transfer payment?
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Question 33 of 50
33. Question
Which of the following factors will not underestimate the national income?
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Question 34 of 50
34. Question
Which of the following is true of the value of money? It
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Question 35 of 50
35. Question
The motive for holding money to meet unforeseen events is termed
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Question 36 of 50
36. Question
An increase in the prices of factor inputs may result in
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Question 37 of 50
37. Question
Insurance companies are similar to commercial banks in that they
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Question 38 of 50
38. Question
What happens when the central bank increases the bank rate?
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Question 39 of 50
39. Question
Citizens are protected from government’s arbitrariness in taxation by the canon of
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Question 40 of 50
40. Question
In a period of unemployment and falling prices, government should adopt a
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Question 41 of 50
41. Question
In most developing countries a large percentage of the labour force is engaged in
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Question 42 of 50
42. Question
In most underdeveloped countries, development plans do not achieve their objectives due to
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Question 43 of 50
43. Question
Balance of trade involves the exchange of
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Question 44 of 50
44. Question
An improvement in a country’s terms of trade means that the
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Question 45 of 50
45. Question
Devaluation of currency may not correct a balance of payment deficit if the demand for export is
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Question 46 of 50
46. Question
One measure of financing a country’s balance of payments deficit is through
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Question 47 of 50
47. Question
The major Achievement of the Economic Community of West African States (ECOWAS) is that it has
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Question 48 of 50
48. Question
Which of the following institutions is concerned with expanding developing countries’ commodity trade?
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Question 49 of 50
49. Question
Exploitation of forest resources becomes a major problem when”
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Question 50 of 50
50. Question
Natural resources that are renewable are found in the
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