- 1. 1. The study of Economics enables individuals to ______
A) be stingy
B) change jobs
C) make rational decision
D) evade tax
- 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) How to produce
B) Where to produce
C) For whom to produce
D) What to produce
- 4. 4. Choice is necessitated by ____
A) scarcity of resources
B) choice of production
C) demand & supply
D) production possible curve
- 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) limited
B) unlimited
C) satiable
D) good
- 7. 7. Opportunity cost is very important to individual, firms and _____
A) children
B) government
C) scale of preference
D) choice
- 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 dispersion
B) Measure of central tendency
C) None of the above
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 Tools
B) Basic Issue
C) Basic Economic Problems
D) Historical problems
- 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) Basic Economic Problem
C) Economic System
D) Economic Activities
- 12. 12. The representation of data using pictures or drawing objects is called ____
A) Pie chart
B) Histograph
C) Pictograph
D) Bar chart
- 13. 13. Economics is grouped into _____ and _____
A) Minor, Macro
B) None of the avove
C) Micro, Macro
D) Micro, Major
- 14. 14. The following are basic concepts of Economics except
A) Wants
B) Choice
C) Recreation
D) Scarcity
- 15. 15. One of the following is a measure of central tendency
A) Standard deviation
B) Variance
C) Range
D) Mean
- 16. 16. An arrangement of data in rows and columns is referred to as _____
A) pie chart
B) table
C) bar chart
D) graph
- 17. 17. The action of government to forgo road construction inorder to provide more health facilities denotes
A) opportunity cost
B) scale of preference
C) sound economic decision
D) practicable government policy
- 18. 18. _____ refers to the number of time a particular number occurs
A) median
B) mode
C) frequency
D) mean
- 19. 19. The branch of economics which deals with larger or aggregate of the economy is _____
A) Mini
B) Major
C) Micro
D) Macro
- 20. 20. Which of the following is not a feature of Socialism?
A) Production is not based on profit motive
B) Maximization of profit
C) Promotion of public welfare
D) Absence of economic rivalry
- 21. 21. In a capitalist economy, resources are
A) collectively owned
B) communally owned
C) jointly owned
D) privately owned
- 22. 22. ____ is defined as the middle value when figures are arranged in order of magnitude
A) frequency
B) mode
C) mean
D) median
- 23. 23. The total amount of money spent to acquire a set of goods or services is called _____
A) money cost
B) price
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) How to produce
C) What to produce
D) For whom to produce
- 25. 25. The following are characteristics of a table except ____
A) it must be very simple
B) it must be easy to under
C) it must have a title or heading
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) 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) Adams Smith
C) A. C. Pigou
D) Daven Port
- 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) 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) 18
C) 5
D) 20
- 31. 31. The sum of items divided by the number of items is the
A) median
B) frequency
C) mode
D) mean
- 32. 32. Economics as a field of study is a _____
A) pure science
B) social 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) 6
B) 5
C) 9
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) None of the above
B) Simple bar chart
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) 80
C) 25
D) 60
- 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) pie chart
B) bar chart
C) histogram
D) pictograph
- 40. 40. Which of the following best describes the mode?
A) Observation with highest frequency
B) Average of two middle numbers
C) Items that occupies the middle position
D) difference of two extreme values
|