2004 - WAEC Economics Past Questions & 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
2
The reward for land as a factor of production is
A
interest
B
rent
C
dividends
D
wages
CORRECT OPTION: b
3
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
4
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
5
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
6
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
7
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
8
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
9
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
10
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
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