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WAEC questions for "Economics :: Definition and scope of Economics"
Q1
The study of Economics becomes necessary because of the
A
large population size of the world
B
scarcity of resources
C
opportunity cost of goods and services
D
need to satisfy every desire of man
E
Q2
The concept of opportunity cost is also referred to as
A
social cost
B
real cost
C
fixed cost
D
variable cost
E
Q3
Choice is necessitated by
A
demand and supply
B
cost of production
C
production possibility curve
D
scarcity of resources
E
Q4

The main concern of economists is to

A

allocate scarce resource to satisfy human wants

B

satisfy all human wants

C

redistribute income between the rich and the poor

D

control the growth of population

E
Q5

Productive resources can also be called 

A

principle of production

B

factors of production

C

item of production

D

labour and material materials

E
Q6

The three principal economic units in any system are

A

trade, industry and banking

B

workers, consumers and shareholders

C

householders, firms and governments

D

companies, industry and plants

E
Q7

The study of Economics enables individual to

A

change jobs

B

evade taxes

C

accumulate huge wealth

D

make rational decisions

E
Q8

Most of the problems of economic arise as a result of

A

competing demands for scarce resources

B

increase in the demand for more goods and services

C

the desire of producers to supply more goods and services

D

the need to reduce the level of poverty

E
Q9

Economic activities are undertaken to solve the problem of

A

consumption

B

opportunity cost

C

production

D

scarcity

E
Q10

Farming, mining and fishing are

A

primary production

B

secondary production

C

tertiary production

D

intermediate production

E
Q11

A list of consumers' wants arranged in order of priority is known as

A

a burget

B

an opportunity cost

C

a scale of preference

D

choice 

E
Q12

The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt. This implies that 

A

Olu's real cost is 150.00 Naira 

B

Olu's opportunity cost is the T-shirt he brought 

C

Olu's opportunity cost is the textbook

D

Olu's money cost is also the real cost

E
Q13

Which of the following is an economic activity?

A

Attending a town's meeting

B

A visit to the stadium

C

Payment of school fees

D

Arresting a petty thief

E
Q14

Three board categories of production are

A

direct,secondary and extractive

B

primary, tertiary and direct

C

primary, secondary and tertiary

D

secondary, primary and indirect

E
Q15

The concept of opportunity cast is important to the firm because it

A

determines the prices of the firm's product

B

increases the level of output of the firm

C

leads to maximum satisfaction  

D

guides firms in allocating resources

E
Q16

Economics as a field of study is a

A

pure science

B

political science

C

social science

D

physical science

E
Q17

the problem of scarcity is reduced by

A

controlling consumptions of goods and service

B

producing everything needed by consumers

C

ensuring efficient allocation of resource

D

restricting consumer choices and tastes

E
Q18

Economics is best described as the study of

A

the wealth of nations

B

how man consumes his products

C

how man provides for his everyday needs

D

the distribution of wealth

E
Q19

Subsistence production means that goods and services are

A

Produced for consumption only

B

sold to others

C

sold to the country

D

produced for market

E
Q20

Economics speak about 'opportunity cost' when a consumer

A

has the chance to minimize costs

B

has to forgo one thing in order to have areas

C

can equate his fixed cost with his variable costs

D

is able to save part of his income

E
Q21

An economy system in which the state owns and controls the means of production is known as

A

socialist economy

B

mixed econmy

C

capitalist economy

D

welfare economy

E
Q22
Economic problems arise because
A
resources are scarce relative to wants
B
man is insatiable
C
money is scarce
D
man engages in too many economic activities
E
Q23
The economic system in which resources are privately owned is known as
A
capitalism
B
socialism
C
communism
D
unitarism
E
Q24
Scarcity implies that
A
goods cannot be produced efficiently
B
human wants are unlimited
C
goods and service are limited in supply
D
commodities are evenly distributed within the economy
E
Q25
Economic problems arise mainly as a result of
A
inaccurate statistical data in West Africa
B
excessive wastage of available resources
C
lack of foresight on the part of resource users
D
limitations in availability of resources
E
Q26
Basic extractive activities are classified as
A
manufacturing production
B
tertiary production
C
secondary production
D
primary production
E
Q27
The money payment made to owners of land and labour are
A
rent and wages
B
interest and profit
C
wage and interest
D
dividend and salary
E
Q28
A priority rating of aggregate individual wants in called
A
scarcity
B
choice
C
scale of preference
D
opportunity cost
E
Q29
Provision of services is classified under
A
primary production
B
secondary production
C
tertiary production
D
production possibilities
E
Q30
The study of Economics enables the individual to
A
be miserly in the spending of his money
B
derive maximum satisfaction from the money he spends
C
determine the right market to visit
D
avoid the purchase of luxurious items
E
derive solutions to all problems
Q31
One way of solving the problem of scarcity that that faces individual is for
A
the government to import goods massively so that the citizens ca get all want
B
them to work very hard so that they are able to buy all their wants
C
them to choose between alternatives since they cannot meet all their wants
D
the government to study people's behaviour in order to know their wants
E
them to use their resources as they want
Q32
Economics is often described as a science because it
A
adopts the use of laboratory experiments
B
involves accurate prediction of human beings
C
makes use of controlled experiments
D
uses scientific methods to explain observed phenomena
E
deals with observations and field work
Q33
Scarcity in Economics means that
A
the economy can scarcely produce anything
B
human wants are limitless
C
the economy has very few resources
D
human wants are limited, relative to resources
E
resources are limited, relative to wants
Q34
In Economics, production is complete when
A
goods are manufactured in the factories
B
commodities are sold to the final consumer
C
goods and service are distributed by the government
D
producers fix the price of the goods produced
E
goods and service get to the retailers
Q35
The basic problem that Economics attempts to solve is the
A
ranking of goods and services
B
pricing of goods and services
C
scarcity of resources
D
foregoing of alternatives
E
satisfaction of producers needs
Q36
Economics is a social science which studies how
A
to redistribute income
B
human beings behave
C
the market price is fixed
D
scare resources are allocated to satisfy wants
E
wasteful spending is eliminated
Q37
Scarcity in Economics means
A
shortage of a commodity
B
unlimited demand of for consumer goods
C
limited supply of goods and services
D
total absence of commodity in the market
E
high cost of a commodity
Q38
The decision on what to produce is a problem in
A
all economics systems
B
a mixed economics system only
C
a democratic socialist economy only
D
a free enterprise system only
E
a planned economics system only
Q39

The definition of Economics as the 'the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses was given by

A

Adam Smith

B

David Ricardo

C

Lionel Robbins

D

Thomas  R. Malthus

E

Robert Gifften

Q40

Economics is the study of how to

A

choose between alternative, given limited resources

B

regulate the money that is in circulation in a country

C

be prudent in the use of available resources

D

improve the standard of living of the society at large

E

arrange our needs in order of usefulness before satisfying

Q41

Scarcity in Economics arises because

A

the resources available are adequate

B

individuals have limited time

C

resources are limited in supply

D

human beings have limited wants

E

individuals wants are equal to resources available

Q42

A scale of preference is a list

A

of consumer's wants arranged in order of importance

B

that helps the individual to make a rational

C

that enables the consumer to make a wise decision about his choice

D

that is necessary because human beings are faced with competing wants

E

of all satisfied wants arranged in order of magnitude

Q43

Economics is a social science because it

A

deals with an aspect of human behaviour

B

provides people with the commodities they want

C

deals with limited resources which have alternative resources

D

deals with the production of goods for present and future consumption

E

is related to how choice is made

Q44

Scarcity in Economics generally refers

A

a period of production

B

hoarding of goods

C

monopolization of existing supply of resources

D

a period of famine

E

resources being limited

Q45

Opportunity cost is defined as the

A

money cost

B

cost of production

C

real cost

D

variable cost

E

fixed cost

Q46

The most basic concern of economists to

A

create human wants

B

satisfy all human wants

C

redistribute income so that it is used correctly

D

create perfect competition

E

allocate scarce resources to satisfy human wants

Q47

Which of the following defines Economics most comprehensively?

A

The study of buying and selling

B

The organisation of industries and markets

C

The study of human behaviour in the allocation of scarce resource

D

National development, planning and budgeting

E

The study of market forces as they affect human behaviour

Q48

Choice is necessary because resources

A

are available

B

can be found everywhere

C

are constant

D

are scarce

E

are unlimited

Q49

Economics can be defined as the study of

A

how to spend the family income efficiently

B

how to find minimum cost of production

C

the interpretation of scarce resources and data

D

how scarce resources can be used efficiently

E

why resources are scarce

Q50

Demand in Economics is synonymous with

A

needs

B

wants of the consumer

C

all goods demanded in the market

D

wants supported with the ability to pay

E

all consumer goods

Q51

Scarcity in Economics means that resources

A

are not enough to share among the producers of goods and services

B

needed to satisfy human wants are limited

C

are never enough to share among consumers of goods and services

D

required to meet our essential wants are unlimited

E

can be managed if those who use them behave rationally

Q52

"Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. "Ends here refers to

A

resources

B

wants

C

choice

D

output

E

factors