Waec Economics 2008 Past Questions and Answers

Question 31:

• WAEC 2008

industry can be define as

A. Several firms producing different commodities
B. Group of firms producing similar commodities
C. Different firms producing equal number of commodities
D. Many firms producing for exports

Question 32:

• WAEC 2008

Which of the following is a disadvantage of large scale production?

A. Market economies
B. Managerial economies
C. Personal organization
D. Division of labour

Question 33:

• WAEC 2008

Which of the following is a disadvantage of large scale production?

A. Market economies
B. Managerial economies
C. Personal organization
D. Division of labour

Question 34:

• WAEC 2008

The national income off a country can be estimated through the

A. Output approach
B. Input approach
C. Empirical approach
D. Census approach

Question 35:

• WAEC 2008

A medium of exchange which is generally acceptable is

A. Bater
B. A cheque
C. Government bond
D. Money