2002 - WAEC Economics Past Questions and Answers - page 1
1
Economics is best described as the study of
A
the wealth of nations
B
how man consume his products
C
how man provides for his everyday needs
D
the distribution of wealth
correct option: c
Users' Answers & Comments2
The most frequent occurring value in a given data is the
A
mode
B
median
C
mean
D
range
correct option: a
Users' Answers & Comments3
Subsistence production means that goods and services are
A
produced for consumption only
B
sold to others
C
sold in the country
D
produced for the market
correct option: a
Users' Answers & Comments4
Warehouse facilities in the distribution and marketing of products are provided by
A
manufacturer
B
wholesaler
C
retailer
D
advertisers
correct option: b
Users' Answers & Comments5
Which of the following is a reward to a factor of production?
A
interest
B
donation
C
gifts
D
subsidy
correct option: a
Users' Answers & Comments6
Land is a factor of production because it
A
is a free gift of nature
B
contains valuable mineral resources
C
assits in the creation of utility
D
is owned by individuals and governments
correct option: c
Users' Answers & Comments7
One of the advantages of large scale production is that
A
there is a rise in the cost of administration
B
consumers sacrtifice their indidvidual tatstes
C
the firm can use labour-saving machinery
D
the demand for a firm's product becomes localized
correct option: c
Users' Answers & Comments8
Which of the following is an advantage of division of labour?
A
production of specialized goods
B
employment of experts
C
monotony of work
D
Greater use of machinery
correct option: d
Users' Answers & Comments9
Despite the benefits large firms enjoy, it could be limited by the
A
a desire to make maximum profit
B
introduction of efficient transport system
C
growth of specialization
D
extent of the market
correct option: d
Users' Answers & Comments10
Localization of industry refers to the
A
conentration of the firms of an industry in a particular area
B
siting of industries in rural areas
C
even spread of industries
D
governement policy of influencing
correct option: a
Users' Answers & Comments