2004 - WAEC Economics Past Questions and Answers - page 1
1
Which of the following is an economic activity?
A
attending a town's meeting
B
a visit to the stadium
C
payment of school fees
D
arresting a petty thief
correct option: c
Users' Answers & Comments2
The reward for land as a factor of production is
A
interest
B
rent
C
dividends
D
wages
correct option: b
Users' Answers & Comments3
The three broad categories of productions are
A
direct, secondary and extractive
B
primary, tertiary and direct
C
primary, secondary and tertiary
D
secondary , primary and direct
correct option: c
Users' Answers & Comments4
A carpenter's consumer goods includes 1. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of socks IV. 3 screw drivers
A
I and IV only
B
I,II,III and IV
C
I, II and IV only
D
I, II and III and III
correct option: d
Users' Answers & Comments5
In a capitalist system, the means of production is owned and controlled by
A
the government
B
politicians
C
private indidviduals
D
the workers
correct option: c
Users' Answers & Comments6
Mixed economy refers to a system in which the means of production are controlled by
A
private enterprises and the government
B
private indidviduals
C
the government only
D
the workers and businessmen
correct option: a
Users' Answers & Comments7
An economic goods is described as a good which
A
yields utility and commands a price
B
is useful and occupies a space
C
is in high demand and transferable
D
has unlimited supply
correct option: a
Users' Answers & Comments8
The concept of opportunity cost is important to the firm because it
A
determines the price of the firms products
B
increases the level of output of the firm
C
leads to maximum satisfaction of the consumers
D
guides firms in allocating scarce resources
correct option: d
Users' Answers & Comments9
As a firm expand s , it enjoys some advantages called
A
variable proportion
B
diminishing marginal returns
C
internal economies of scales
D
decreasing returns to scale
correct option: c
Users' Answers & Comments10
division of labour is limited by
A
the size of the market
B
the productivity of capital
C
cost of production
D
the factors of production
correct option: a
Users' Answers & Comments