Waec Economics 1993 Past Questions and Answers

Question 31:

• WAEC 1993

Which of the following is not a source of finance for a one-man business?

A. Money lenders
B. Inheritance
C. Loans from insurance companies
D. Loans from banks
E. Sales of shares

Question 32:

• WAEC 1993

Land is a most significant factor in terms of contribution to the economy because

A. It enables us to build industries
B. We build houses on it
C. All our highways are constructed on it
D. We get a lot of fishes from it
E. Vital resources from it enrich the economy

Question 33:

• WAEC 1993

Capital as a factor of production is important because

A. It enables us to carry out task which can not be done by human effort only
B. Most tasks can be done with bare hands
C. People can work without capital
D. Without capital all the factors are useless
E. It provides money which is essnetial for the growth of business

Question 34:

• WAEC 1993

A firm's compulsory cost whether it is in production or not , is referred to as its

A. Prime cost
B. Variable cost
C. Marginal cost
D. Fixed cost
E. Average cost

Question 35:

• WAEC 1993

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
E. Os all satisfied wants arrange in order of magnitude