Waec Economics 1995 Past Questions and Answers

Question 6:

• WAEC 1995

which of the following is an important limiting factor in the application of division of labour?

A. Market size
B. Availability of an infrastructure
C. Wage rate
D. Raw materials
E. Availabily of land

Question 7:

• WAEC 1995

Which of the following does not encourage the location of industries?

A. Nearness to the market
B. Availability of infrastructural facilities
C. Government influence in sitting industries
D. Political instability
E. Abundance of cheap labour

Question 8:

• WAEC 1995

All the under listed factors directly affects the supply of a commodity except

A. Price
B. Improved production method
C. Access to capital
D. Demand for the commodity
E. Level of income

Question 9:

• WAEC 1995

which of the following economic system is in operation in Nigeria?

A. Capitalist economy
B. Socialist cum Maxist economy
C. Socialist economy
D. Capitalist and free economy
E. Mixed economy

Question 10:

• WAEC 1995

Giffen commodities are those commodities

A. Which gives rise to a cobweb situation
B. For which demand increases as price increases
C. Which have a low price elasticity of demand
D. Which are in short supply
E. Which have a high income elasticity of demand