COUNT DOWN WAEC/NECO GAME1

KNOW YOUR ACADA

COUNT DOWN TO WASSCE/NECOSSCE, UME AND POST UME EXAMS

NATURE AND SCOPE OF ECONOMICS

  1. Rejoices scale of preference revealed that he prefers banana to pawpaw, pawpaw to orange and orange to banana, Rejoices scale of preference is therefore (a) Inconsistent (b) consistent (c) transitive (d) rational
  1. The ultimate objective of Economics is to make (a)Make effort to understand how the economy works (b) make best use of scarce resources (c) organize production at the lowest cost (d) decide under what circumstance the government should intervene in the economy
  1. Choice involves opportunity cost because (a) A good gives different utility (b) available resources are inadequate (c) there are many good to select from (d) not all good have the same price
  1. Economics is called a social science because it is (a) a branch of social studies (b) a study of the way man devises to satisfy unlimited want from limited resources (c) a dismal science in Malthusian sense. (d) governed by means of scientific method
  1. Choice is necessary because resources (a) are available (b) can be found everywhere (c) are constant (d) are scarce (e) are unlimited
  1. The definition of economics that talks about human behavior, ends and scarce means was given by (a) Adam Smith (b) David Ricardo (c) Lionel Robbins (d) Thomas Malthus (e) Robert Giffen
  1. Economics is the study of human behavior as it relates to the (a) efficient allocation of resources (b) operation of companies (c) production of goods (d) generation of income
  1. A rational consumer tends to do all the following except (a) buying more at a higher price (b) buy more at a lower price (c) aim at utility maximization (d) comply with the law of demand
  1. Scarcity in Economics refers generally refers to (a) a period of existing supply of resources (c) nationalization of sources of raw materials (d) the control of outlets to sell goods (e) none of the above

(THEORY) ATTEMPT ALL EACH CARRIES EQUAL MARKS

  1. Why is scale of preference important
  2. Distinguish clearly between money cost and opportunity cost
  3. What do you understand by wealth
  4. Explain the concept scarcity
  5. Choice
  6. A shirt was purchased instead of a pair of shoe

This test is rated 100%, 40 from objectives and 60 from theory

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s