WAEC Economics

OBJECTIVES 1. The type of production that involves the tapping and harnessing of natural resources isA. primary production. B. secondary production. C. tertiary production. D. industrial production. 2. The three broad categories of production areA. direct, secondary and extractive. B. primary, tertiary and direct. C. primary, secondary and tertiary. D.…

OBJECTIVES 1. All economic systems must decide what to produce becauseA. resources are not available. B. consumers want maximum satisfaction. C. resources are limited in supply. D. producers want maximum profit. 2. In any economic system, which of the following is not an economic problem?A. What goods and services to…

OBJECTIVES 1. The action of government to forgo road construction in order to provide more health facilities denotesA. sound economic decisionB. opportunity costC. practicable government policyD. scale of preference 2. "Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses".…