Waec Agricultural Science 2001 Past Questions and Answers

Question 51:

• WAEC 2001

The factor of production whose reward is profit is

A. Land
B. Labour
C. Capital
D. Entrepreneurship

Question 52:

• WAEC 2001

The demand for agricultural produce is generally

A. Elastic
B. Inelastic
C. Unnitary
D. Static

Question 53:

• WAEC 2001

Given a normal situation, what effect will an increase in the supply of cowpea have on its market price? The price

A. Increases
B. Decreases
C. Is unaffected
D. Is unpredictable

Question 54:

• WAEC 2001

Which of the following is an effect of stability of market price in agricultural production?

A. Profit of the producer would be constant with input cost
B. Wholesalersearn more from sales
C. Profit of the retailer will be decreased
D. Consumers will look for chaeper alternatives

Question 55:

• WAEC 2001

Rural farmers mostly obtain loans from

A. Government
B. International monetary fund
C. Merchant banks
D. Money lenders