2003 - WAEC Economics Past Questions and Answers - page 1
1
Economic as a field of study is a
A
pure science
B
polititcal science
C
social science
D
physical science
correct option: c
Users' Answers & Comments2
The major agents of economics system are
A
consumer, workers and producers
B
markets, telecommunication and banks
C
schools, hospitals and universisties
D
indidviduals , firms and government
correct option: d
Users' Answers & Comments3
which of the following is not an advantage of tubular presentation of data?
A
enables easy location of required figures
B
makes for easy comaprison of figures
C
occupy more space than mathematical equations
D
showa wether the figures are increasing or decreasing
correct option: c
Users' Answers & Comments4
The problem of scarcity is reduced by
A
controlling consumption of goods and services
B
producing everything needed by the consumers
C
ensuring efficient allocation of resources
D
restricting consumer choice and tatste
correct option: c
Users' Answers & Comments6
Which of the following factors of production consists of man made goods?
A
land
B
labour
C
capital
D
entreprennuer
correct option: c
Users' Answers & Comments7
one major function of the entrepreneur is
A
bearing of risks
B
maximizing profits
C
taking charge of day to day managment
D
determinig the selling price of his products
correct option: a
Users' Answers & Comments8
A major limiting factor of mass production is
A
efficient management
B
adequate labour supply
C
small size of the market
D
adequate supply of raw materials
correct option: c
Users' Answers & Comments9
Division of labour leads to
A
improved craftsmanship
B
the production of standardized goods
C
increase in the cost of goods
D
trade by barter
correct option: a
Users' Answers & Comments10
which of the following is an advantage of localization of industry?
A
development of subsidiary firms
B
creation of paralell markets
C
developments of slums
D
attraction of foreign capitals
correct option: a
Users' Answers & Comments