Waec Economics 2003 Past Questions and Answers

Question 6:

• WAEC 2003

The reward for labour is

A. Wage
B. Profit
C. Rent
D. Dividend

Question 7:

• WAEC 2003

Which of the following factors of production consists of man made goods?

A. Land
B. Labour
C. Capital
D. Entreprennuer

Question 8:

• WAEC 2003

one major function of the entrepreneur is

A. Bearing of risks
B. Maximizing profits
C. Taking charge of day to day managment
D. Determinig the selling price of his products

Question 9:

• WAEC 2003

A major limiting factor of mass production is

A. Efficient management
B. Adequate labour supply
C. Small size of the market
D. Adequate supply of raw materials

Question 10:

• WAEC 2003

Division of labour leads to

A. Improved craftsmanship
B. The production of standardized goods
C. Increase in the cost of goods
D. Trade by barter