Waec Economics 2007 Past Questions and Answers

Question 21:

• WAEC 2007

the return of investment that is just sufficient to satisfy the owner of a business is called?

A. Economic profit
B. Business profit
C. Normal profit
D. Excess profit

Question 22:

• WAEC 2007

which of the following is a middleman in the chain of distribution?

A. An entrepreneur
B. A producer
C. A banker
D. A retailer

Question 23:

• WAEC 2007

A negative effect of the presence of a large number of middlemen in the distributive network is

A. Greater variety of goods
B. Greater quality of goods
C. Lower price of goods
D. Higher price of goods

Question 24:

• WAEC 2007

An example of a producer goods is a

A. Tin of milk
B. Hammer
C. Loaf of bread
D. Shirt

Question 25:

• WAEC 2007

To promote the development of agricultural sector, government of West African countries should

A. Encourage rural-urban drift
B. Discourage foreign investment in agriculture
C. Support the marketing of farm produce
D. Reduce tarrif of food imports