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