Waec Economics 2001 Past Questions and Answers

Question 1:

• WAEC 2001

Economic problems arises because

A. Resource are scarce relative to wants
B. Man is insatiable
C. Money is scarce
D. Man engages in too many economic activities

Question 2:

• WAEC 2001

Economic problems arises because

A. Resource are scarce relative to wants
B. Man is insatiable
C. Money is scarce
D. Man engages in too many economic activities

Question 3:

• WAEC 2001

The economic system in which resource are privately owned dis known as

A. Capitalism
B. Socialism
C. Communism
D. Unitarism

Question 4:

• WAEC 2001

Quasi-rent refers to

A. Payment made on aquisition of a firm's premises
B. Payment made for the procurement of tools and equipments
C. Returns on investment
D. Payments made on any factors of production that is temporaly fixed in supply

Question 5:

• WAEC 2001

Reward for entrepreneurship is

A. Rent
B. Wages
C. Interest
D. Profit