2001 - WAEC Economics Past Questions and Answers - page 1
1
Economic problems arises because
A
resource are scarce relative to wants
B
man is insatiable
C
money is scarce
D
man engages in too many economic activities
correct option: a
Users' Answers & Comments2
The economic system in which resource are privately owned dis known as
A
Capitalism
B
Socialism
C
communism
D
unitarism
correct option: a
Users' Answers & Comments3
Quasi-rent refers to
A
payment made on aquisition of a firm's premises
B
payment made for the procurement of tools and equipments
C
returns on investment
D
payments made on any factors of production that is temporaly fixed in supply
correct option: d
Users' Answers & Comments4
Reward for entrepreneurship is
A
rent
B
wages
C
interest
D
profit
correct option: d
Users' Answers & Comments5
Which of the following is the function of an entrepreneur?
A
Avoidance of risks
B
decision making
C
employment control
D
Organizing unions
correct option: b
Users' Answers & Comments6
The difference between the highest and lowest in a set of data is
A
range
B
median
C
variance
D
mode
correct option: a
Users' Answers & Comments7
In which of the following economic system is the consumer referred to as the king?
A
Capitalist economy
B
socialist economy
C
communist economy
D
Mixed economy
correct option: a
Users' Answers & Comments8
The dispersal of people in a country is called
A
mobility of people
B
geographical distribution
C
occupational distribution
D
state distribution
correct option: b
Users' Answers & Comments9
In a country with ageing population , the total population
A
comprises young school leavers only
B
comprises mainly women
C
is increasing at a low rate
D
has reached the optimum level
correct option: c
Users' Answers & Comments10
Population growth can be controlled by all the following except
A
legalizing abortion
B
incentives on immigration
C
family planning
D
limiting number of children per family
correct option: b
Users' Answers & Comments