Waec Economics 2001 Past Questions and Answers

Question 11:

• WAEC 2001

Population growth can be controlled by all the following except

A. Legalizing abortion
B. Incentives on immigration
C. Family planning
D. Limiting number of children per family

Question 12:

• WAEC 2001

Performance of one task in a production process is known as

A. Specialization
B. Standardization
C. Division of labour
D. Segmentation

Question 13:

• WAEC 2001

The cost incurred by using both fixed and variable factors in production is called

A. Marginal cost
B. Fixed cost
C. Total cost
D. Average cost

Question 14:

• WAEC 2001

Consumer buy more of a commodity at a lower price than at a higher price because

A. Productions like to produce more
B. In a given situation people like to buy more
C. Consumers like to show off
D. With the same amount of money they will be able to buy more

Question 15:

• WAEC 2001

The demand for a commodity not directly for immediate consumption but for the production of another commodity is

A. Competitive demand
B. Derived demand
C. Composite demand
D. Joint demand