Waec Economics 2004 Past Questions and Answers

Question 11:

• WAEC 2004

division of labour is limited by

A. The size of the market
B. The productivity of capital
C. Cost of production
D. The factors of production

Question 12:

• WAEC 2004

An entrepreneur is likely to make more profits when

A. Expenditure is more than revenue
B. Competitors charge lower prices
C. Costs per unit output falls
D. Quantity of output reduces

Question 13:

• WAEC 2004

Natural growth rate is

A. Birth rate less death rate
B. Death rate less migration
C. Death rate plus birth rate
D. Birth rate plus migration

Question 14:

• WAEC 2004

A major effect of ageing population is

A. Reduced labour force
B. Rise in price of commodities
C. Reduced infrastructures
D. Neglect of agriculture

Question 15:

• WAEC 2004

One of the problems associated with the middlemen in the distribution of goods is that he

A. Buys in large quantities
B. Hoards goods
C. Grants credit to the retailers
D. Sells varieties of goods