WASSCE ECONOMICS MAY/JUNE 2007 (SSCE WAEC MAY/JUNE 2007 ECONOMICS)

1. The three principal economic units in any systems are

A. trade, industry and banking

B. workers, consumers and shareholders

C. households, firms and governments

D. companies, industry and plants

2. The satisfaction derived from the use of a commodity is it’s

A. demand

B. elasticity

C. wealth

D. Utility

3. The reward which accrues to labour for participating in production is

WASSCE ECONOMICS MAY/JUNE 2006 (SSCE WAEC MAY/JUNE 2006 ECONOMICS)

1. The study of Economics enables individual to

A. Change jobs

B. evades taxes

C. accumulate huge wealth

D. make ration decisions

2. Most of the problems of economics arises as a result of

A. competing demands for scarce resources

WASSCE ECONOMICS MAY/JUNE 2004 (SSCE WAEC MAY/JUNE 2004 ECONOMICS)

1. Economic activities are untaken to solve the problem of

A. Consumption

B. Opportunity cost

C. production

D. Scarcity

2. Farming, Mining and fishing are

A. Primary production

B. Secondary production

C. tertiary production

D. intermediate production

WASSCE ECONOMICS MAY/JUNE  2004 (SSCE WAEC MAY/JUNE 2004 ECONOMICS)

1. Which of the following is an economic activity?

A. Attending a town’s meeting

B. visit to the stadium

C. Payment of school fees

D. Arresting a petty thief

2. The reward for land as a factor of production is

A. interest

B. rent

C. dividend

D. wages

3. The three broad categories of production are

1. The fundamental economic problem in every society is

A. The large number of the unemployed

B. Inadequate supply of money.

C. Corruption and mismanagement

D. Limited supply of productive resources

2. A point X inside a production possibility curve indicate that

(a)  Resources are fully utilized.

(b) The country is poor

(c) Some resources are idle

(d) Resources are not available.