Waec Model Questions Vol1 2018 Economics Question 1

Practice essay / theory question 1 from the 2018 Waec Model Questions Vol1 Economics examination. This question covers Scarcity, Opportunity Cost, Price Ceiling .

Waec Model Questions Vol1 2018 Economics Essay / Theory
Topics: Scarcity Opportunity Cost Price Ceiling
Question 1 WAEC_MODEL_QUESTIONS_VOL1 • 2018 • ECONOMICS • essay

Answer the following questions on basic economic concepts.

Question Parts

( a )
Define scarcity and explain why it is regarded as the fundamental problem of economics.
( b )
A student decides to attend a private university that costs ₦500,000 per year instead of a public university that costs ₦200,000 per year. The ₦300,000 saved could have been invested in a small business venture. Using the concept of opportunity cost, analyse the student’s decision.
( c )
Discuss the likely effects of imposing a price ceiling on bread at a level below the market‑equilibrium price on consumers, producers and overall market efficiency.

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About This Question

This is Waec Model Questions Vol1 2018 Economics Question 1. It is one of the essay questions from the 2018 Waec Model Questions Vol1 Economics examination.

The question covers Scarcity, Opportunity Cost, Price Ceiling .

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