Economics 2004 Waec Past Questions and Answers

Question 6 :

• WAEC 2004

In a capitalist system, the means of production is owned and controlled by

A. The government
B. Politicians
C. Private indidviduals
D. The workers

Question 7 :

• WAEC 2004

Mixed economy refers to a system in which the means of production are controlled by

A. Private enterprises and the government
B. Private indidviduals
C. The government only
D. The workers and businessmen

Question 8 :

• WAEC 2004

An economic goods is described as a good which

A. Yields utility and commands a price
B. Is useful and occupies a space
C. Is in high demand and transferable
D. Has unlimited supply

Question 9 :

• WAEC 2004

The concept of opportunity cost is important to the firm because it

A. Determines the price of the firms products
B. Increases the level of output of the firm
C. Leads to maximum satisfaction of the consumers
D. Guides firms in allocating scarce resources

Question 10 :

• WAEC 2004

As a firm expand s , it enjoys some advantages called

A. Variable proportion
B. Diminishing marginal returns
C. Internal economies of scales
D. Decreasing returns to scale