Waec 1993 Economics Past Questions And Answers
1
Division of labour may be restricted when
- A. an ailing economy has improved
- B. producers live in villages
- C. market is small
- D. there is full employment
2
The main objective of production by entrepreneur is to
- A. equate marginal revenue with marginal cost
- B. provide employment opportunities
- C. equate total revenue with total cost
- D. acumulate wealth for the nation
3
Land is often distinguished as a factor of production because it
- A. is a free gift of nature
- B. constitutes one-third of the entire world
- C. is unlimited in supply
- D. is owned by individuals
4
A situation in which an increase in demand for certain goods leads to a fall in demand for other goods is known as
- A. joint supply
- B. derived demand
- C. competitive demand
- D. competitive supply
5
Outline the merits of a Joint Stock Company.
View Discussion (0)WAEC 1993 THEORY6
which of the following is an advantage of division of labour? It
- A. saves time
- B. make possible the sue of machine
- C. is monotonous
- D. leads to specialization
7
What are the factors that determine the price elasticity of demand for a commodity?
View Discussion (0)WAEC 1993 THEORY8
the occupational distribution of population in most West African countries shows the highest concentration in
- A. agriculture and alied industries
- B. mining and manufacturing
- C. the distributive trade
- D. commerce and industries
9
Which of the following may not be included in explaining the term production?
- A. provision of services
- B. manufacture of goods
- C. changing raw materials to finishing goods
- D. use of consumer goods
10
A scale of preference is a list
- A. of consumer's wants arrange in order of importance
- B. thaqt helps the individual to make rational choice
- C. that enables the consumer to make a wise decision about his choice
- D. that is necessary because human beigns are faced with competitive wants