Waec Economics 1993 Past Questions and Answers

Question 36:

• WAEC 1993

An economic system in which the state owns and controls the means of production is known as

A. Free enterprise
B. Socialist economy
C. Mixed economy
D. Capitalist economy
E. Welafare company

Question 37:

• WAEC 1993

Which of the following is not a middleman in the distribution channel? The

A. Wholesaler
B. Distributor
C. Agent
D. Cosumer
E. Retailer

Question 38:

• WAEC 1993

Division of labour gives rise to

A. The exchange of goods and services
B. The use of barter system
C. The production of limited goods
D. Unemployment
E. Delay in production

Question 39:

• WAEC 1993

One-man business is popular in West Africa because of all the following , except the

A. Ease of entry
B. Small capital required
C. Limited enterpreneur skills needed
D. Ease of decision making
E. Tendency to become joint-stock companies

Question 40:

• WAEC 1993

Which of the following is not a reason why statutory are run only by the government?

A. The duplication of some services will lead to resource wastage
B. All corporation provides services which individuals cannot provide
C. Essential services must be provided irrespective of the economic system adopted
D. Some corporations require large financial capital which may not be easy to acquire by individuals
E. There is need to protect consumers from exploitation