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