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Question 1 Economics | WAEC/GCE (2017)
A
its issues can be easily verified by reference to facts 
B
it adopts scientific methods in making its analysis 
C
its issues are relevant for national development 
D
its subject matter studies human behaviour 
Explanation.
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First is Robbins' famous all-encompassing definition of economics that is still used to define the subject today: “Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses


Correct Option:
D
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Question 2 Economics | WAEC/GCE (2017)
A
tuition, fees and books 
B
boarding and lodging 
C
the wages given up to attend the university 
D
transportation and entertainment 
Explanation.
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Opportunity cost is the value of the next best thing you give up whenever you make a decision. It is "the loss of potential gain from other alternatives when onealternative is chosen". it is simply the forgone alternative

If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.


Correct Option:
C
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Question 3 Economics | WAEC/GCE (2017)
A
raw material 
B
money 
C
fuel 
D
machinery 
Explanation.
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Circulating capital can consist of cash, operating expenses, raw materials, inventory in process, finished goods inventory and accounts receivable.

Circulating capital is frequently referred to as working capital or alternatively, revolving capital.


Correct Option:
D
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Question 4 Economics | WAEC/GCE (2017)
A
directives of the government 
B
the pattern of consumers spending 
C
producers of consumer goods 
D
people producing what they want 
Explanation.
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Consumer preferences and resource scarcity determine which goods are produced and in what quantity; the prices in a market economy act as signals to producers and consumers who use these price signals to help make decisions. Governments play a minor role in the direction of economic activity.


Correct Option:
B
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Question 5 Economics | WAEC/GCE (2017)
A
3.5 kg 
B
4.0 kg 
C
4.2 kg 
D
5.0 kg 
Explanation.
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The mean is the average of the numbers. It is easy to calculate: add up all the numbers, then divide by how many numbers there are. In other words it is the sum divided by the count. 

thus we have; 

mean = 3.5 + 3.0 + 4.2 + 5.0 + 4.3 = 20 / 5 = 4


Correct Option:
B
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Question 6 Economics | WAEC/GCE (2017)
A
complements 
B
substitutes 
C
luxurious 
D
inferior 
Explanation.
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positive cross-price elasticity value indicates that the two goods are substitutes.

Two goods that complement each other have a negative cross elasticity of demand: as the price of goodY rises, the demand for good X falls. 


Correct Option:
B
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Question 7 Economics | WAEC/GCE (2017)
A
desire for the commodity 
B
significance of the commodity 
C
ability to pay for the commodity 
D
economic value of the commodity 
Explanation.
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So, the key difference between wants and demand is desire. Consequently, forpeople, who can afford a desirable product are transforming their wants intodemands. In other words, if a customer is willing and able to buy a need or a want, it means that they have a demand for that need or a want.


Correct Option:
A
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Question 8 Economics | WAEC/GCE (2017)
A
fairly elastic demand 
B
perfectly elastic demand 
C
perfectly inelastic 
D
fairly inelastic demand 
Explanation.
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When the demand curve is parallel to the vertical axis, it means, that the same amount of goods are demanded at any price level. Which further means that there is no effect of change in price on the quantity demanded. Hence, the product is perfectly Inelastic and quantitatively, elasticity of demand is 0.


Correct Option:
C
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Question 9 Economics | WAEC/GCE (2017)
A
textbook 
B
labour 
C
staple food 
D
mobile phone 
Explanation.
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Derived demand is an economic term describing the demand for a good/service resulting from the demand for an intermediate or related good/service. It is a  demand for some physical or intangible thing where a market exists for both related goods and services in question.

Examples. Producers have a derived demand for employees.  For another exampledemand for steel leads to derived demand for steel workers, as steel workers are necessary for the production of steel. As the demand for steel increases, so does its price.


Correct Option:
B
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Question 10 Economics | WAEC/GCE (2017)
A
the level of technology 
B
the price of the commodity 
C
cost of production 
D
taxation 
Explanation.
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Supply curve shift: Changes in production cost and related factors can cause an entire supply curve to shift right or left. This causes a higher or lower quantity to be supplied at a given price. The ceteris paribus assumption: Supply curves relate prices and quantities supplied assuming no other factors change.


Correct Option:
C
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