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