Waec Economics 2002 Past Questions and Answers

Question 6:

• WAEC 2002

Which of the following is a reward to a factor of production?

A. Interest
B. Donation
C. Gifts
D. Subsidy

Question 7:

• WAEC 2002

Land is a factor of production because it

A. Is a free gift of nature
B. Contains valuable mineral resources
C. Assits in the creation of utility
D. Is owned by individuals and governments

Question 8:

• WAEC 2002

One of the advantages of large scale production is that

A. There is a rise in the cost of administration
B. Consumers sacrtifice their indidvidual tatstes
C. The firm can use labour-saving machinery
D. The demand for a firm's product becomes localized

Question 9:

• WAEC 2002

Which of the following is an advantage of division of labour?

A. Production of specialized goods
B. Employment of experts
C. Monotony of work
D. Greater use of machinery

Question 10:

• WAEC 2002

Despite the benefits large firms enjoy, it could be limited by the

A. A desire to make maximum profit
B. Introduction of efficient transport system
C. Growth of specialization
D. Extent of the market