1993 - WAEC Economics Past Questions and Answers - page 3
21
which of the following is an advantage of division of labour? It
A
saves time
B
make possible the sue of machine
C
is monotonous
D
leads to specialization
correct option: d
Users' Answers & Comments22
the location of timber and plywood industries in West Africa is mainly influenced by the
A
avilability of transport
B
good climate
C
availability of power supply
D
adequate labour supply
correct option: e
Users' Answers & Comments23
the occupational distribution of population in most West African countries shows the highest concentration in
A
agriculture and aalied industries
B
mining and manufacturing
C
the distributive trade
D
commerce and industries
correct option: a
Users' Answers & Comments24
The growth of the population is the ?
A
annual increase in population
B
total population of a country at a given time
C
addition to the total population over a given period
D
increase in the working population over a given period
correct option: a
Users' Answers & Comments25
A situation in which an increase in demand for certain goods leads to a fall in demand for other goods is known as
A
joint supply
B
derived demand
C
competitive demand
D
competitive supply
correct option: c
Users' Answers & Comments26
A market equilibrium exist when
A
demand and supply are equal
B
the market is large
C
the price is fluctuating
D
no buyer goes home empty-handed
correct option: a
Users' Answers & Comments27
The price system is
A
the market price of commodities
B
a market where a single price rules
C
a system of price allocation to the products of the same firm
D
a system of resource allocation through supply and demand interaction
correct option: d
Users' Answers & Comments28
The main objective of production by entrepreneur is to
A
equate marginal revenue with marginal cost
B
provide employment opportunities
C
equate total revenue with total cost
D
equate average revenue with average cost
correct option: a
Users' Answers & Comments29
If price falls below the equilibrium
A
Demand will equal supply
B
Demand will be greater than supply
C
Supply will be greater than demand
D
Price will become indeterminate
correct option: b
Users' Answers & Comments30
Which of the following is not a source of finance for a one-man business?
A
money lenders
B
inheritance
C
loans from insurance companies
D
loans from banks
correct option: e
Users' Answers & Comments