Economics 2007 Waec Past Questions and Answers

Question 16 :

• WAEC 2007

Patents are examples of

A. Natural barriers to entry
B. Legal barriers to entry
C. Illegal barriers to entry
D. Unnatural barriers to entry

Question 17 :

• WAEC 2007

which of the following is a characteristics of monopoly

A. Many sellers
B. Homogenous commodity
C. A single seller
D. Perfect knowledge

Question 18 :

• WAEC 2007

when a firm is nationalized ,

A. Former owners are removed without compensation
B. It has the right o draw on state funds for capital investment
C. It must break even within a specific period
D. Workers take control of the firm

Question 19 :

• WAEC 2007

The practice whereby a business is owned by two or more independent firms is termed

A. Indigenization
B. Joint venture
C. Commercialization
D. Foreign investment

Question 20 :

• WAEC 2007

The main objective of privatizing a government business is to

A. Create additional employment
B. Increase expenditure
C. Source for new funds
D. Increase the level of efficiency