1993 - WAEC Economics Past Questions and Answers - page 4
31
Land is a most significant factor in terms of contribution to the economy because
A
it enables us to build industries
B
we build houses on it
C
all our highways are constructed on it
D
we get a lot of fishes from it
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32
Capital as a factor of production is important because
A
it enables us to carry out task which can not be done by human effort only
B
most tasks can be done with bare hands
C
people can work without capital
D
without capital all the factors are useless
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33
A firm's compulsory cost whether it is in production or not , is referred to as its
A
prime cost
B
variable cost
C
marginal cost
D
fixed cost
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34
A scale of preference is a list
A
of consumer's wants arrange in order of importance
B
thaqt helps the individual to make rational choice
C
that enables the consumer to make a wise decision about his choice
D
that is necessary because human beigns are faced with competitive wants
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35
An economic system in which the state owns and controls the means of production is known as
A
free enterprise
B
socialist economy
C
mixed economy
D
capitalist economy
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36
Which of the following is not a middleman in the distribution channel? The
A
wholesaler
B
distributor
C
agent
D
cosumer
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37
Division of labour gives rise to
A
the exchange of goods and services
B
the use of barter system
C
the production of limited goods
D
unemployment
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38
One-man business is popular in West Africa because of all the following , except the
A
ease of entry
B
small capital required
C
limited enterpreneur skills needed
D
ease of decision making
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39
Which of the following is not a reason why statutory are run only by the government?
A
The duplication of some services will lead to resource wastage
B
all corporation provides services which individuals cannot provide
C
Essential services must be provided irrespective of the economic system adopted
D
some corporations require large financial capital which may not be easy to acquire by individuals
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