- 1. 1. The study of Economics enables individuals to ______
A) change jobs
B) evade tax
C) be stingy
D) make rational decision
- 2. 2. Human wants are unlimited because
A) production is inadequate
B) new wants always arise
C) resources are limited
D) resources have alternative uses
- 3. 3. Which of the following of the problems arises where there are more than one technically possible methods of production?
A) How to produce
B) What to produce
C) Where to produce
D) For whom to produce
- 4. 4. Choice is necessitated by ____
A) demand & supply
B) production possible curve
C) scarcity of resources
D) choice of production
- 5. 5. Who is the father of Economics?
A) A. C. Pigou
B) Lionel Robbins
C) Adam Smith
D) Alfred Marshal
- 6. 6. Human wants are said to be ____
A) good
B) limited
C) satiable
D) unlimited
- 7. 7. Opportunity cost is very important to individual, firms and _____
A) children
B) government
C) choice
D) scale of preference
- 8. 8. Which of the following tools of economics analysis is used when data contains two variables?
A) None of the above
B) Multiple bar chart
C) Simple bar chart
D) Component bar chart
- 9. 9. _______ is defined as the statistical information that gives the middle or centre or average of a set of data
A) Measure of location
B) Measure of dispersion
C) None of the above
D) Measure of central tendency
- 10. 10. _____ refers to the problem people encounter in the society while attempting to satisfy their numerous wants with the limited resources available
A) Basic Issue
B) Basic Economic Problems
C) Historical problems
D) Basic Economic Tools
- 11. 11. _______ refers to the mode of production and distribution of goods and services within which economic activities take place
A) Economic Activities
B) Basic Economic Problem
C) All of the above
D) Economic System
- 12. 12. The representation of data using pictures or drawing objects is called ____
A) Bar chart
B) Histograph
C) Pie chart
D) Pictograph
- 13. 13. Economics is grouped into _____ and _____
A) Micro, Major
B) Minor, Macro
C) Micro, Macro
D) None of the avove
- 14. 14. The following are basic concepts of Economics except
A) Wants
B) Recreation
C) Choice
D) Scarcity
- 15. 15. One of the following is a measure of central tendency
A) Range
B) Variance
C) Mean
D) Standard deviation
- 16. 16. An arrangement of data in rows and columns is referred to as _____
A) graph
B) pie chart
C) bar chart
D) table
- 17. 17. The action of government to forgo road construction inorder to provide more health facilities denotes
A) sound economic decision
B) practicable government policy
C) opportunity cost
D) scale of preference
- 18. 18. _____ refers to the number of time a particular number occurs
A) mode
B) median
C) frequency
D) mean
- 19. 19. The branch of economics which deals with larger or aggregate of the economy is _____
A) Macro
B) Mini
C) Micro
D) Major
- 20. 20. Which of the following is not a feature of Socialism?
A) Maximization of profit
B) Absence of economic rivalry
C) Promotion of public welfare
D) Production is not based on profit motive
- 21. 21. In a capitalist economy, resources are
A) privately owned
B) communally owned
C) jointly owned
D) collectively owned
- 22. 22. ____ is defined as the middle value when figures are arranged in order of magnitude
A) mode
B) frequency
C) median
D) mean
- 23. 23. The total amount of money spent to acquire a set of goods or services is called _____
A) opportunity cost
B) true cost
C) price
D) money cost
- 24. 24. Which of the following is related to resources allocation in an economy?
A) How to produce
B) What to produce
C) Efficient use of input
D) For whom to produce
- 25. 25. The following are characteristics of a table except ____
A) it must be very simple
B) it must have a title or heading
C) the purpose of constructing the table must not be stated
D) it must be easy to under
- 26. 26. The system of selecting or choosing one out of a number of alternatives is _____
A) Scale of preference
B) Opportunity cost
C) Choice
D) Wants
- 27. 27. Economics is the study of mankind in the ordinary business of life; this definition is credited to _____
A) Daven Port
B) Adams Smith
C) Alfred Marshal
D) A. C. Pigou
- 28. 28. ____ is not a factor that determines what to produce
A) None of the above
B) Market demand
C) Consumers need
D) Certificate degree
- 29. 29. The desire or need to own goods or services that gives satisfaction is referred to as ____
A) choice
B) opportunity cost
C) wants
D) scarcity
- 30. 30. Calculate the arithmetic mean for the scores of eight students in WAEC economics examination in the year 2001. The scores are: 14, 18, 24, 16, 30, 12, 20 and 10
A) 16
B) 5
C) 20
D) 18
- 31. 31. The sum of items divided by the number of items is the
A) median
B) frequency
C) mean
D) mode
- 32. 32. Economics as a field of study is a _____
A) political science
B) physical science
C) pure science
D) social science
- 33. 33. Arrangement of needs in order of priority is _____
A) None of the above
B) Choice
C) Ends
D) Scale of preference
- 34. 34. Find the median of the following set of scores: 8, 9, 6, 5, 10
A) 8
B) 5
C) 6
D) 9
- 35. 35. _____ is not a basic economic problem
A) Utility
B) resources allocation efficiency
C) method of production
D) what to produce
- 36. 36. The bar chart used when there are about three or more variables in a given data is called ____
A) Component bar chart
B) Multiple bar chart
C) None of the above
D) Simple bar chart
- 37. 37. The marks scored by Economics students in WAEC examinations are as follows: 30, 25, 60, 80, 60, 25, 80, 60, 40, 60, 80, 30, 25. Calculate the mode
A) 80
B) 25
C) 60
D) 30
- 38. 38. The concept of opportunity cost is also referred to as ____
A) fixed cost
B) variable cost
C) social cost
D) real cost
- 39. 39. The representation of data using a proportional degree and sectors is called _____
A) pictograph
B) bar chart
C) histogram
D) pie chart
- 40. 40. Which of the following best describes the mode?
A) Items that occupies the middle position
B) Average of two middle numbers
C) Observation with highest frequency
D) difference of two extreme values
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