Waec Economics 2020 Past Questions and Answers

Question 1:

• WAEC 2020

Organization and entrepreneurship are vested in diferrent persons in a ____________

A. Cooperative society
B. Sole proprietorship
C. Partnership
D. Public company.

Question 2:

• WAEC 2020

The public sector in a mixed economy is not always because of ____________

A. Bureaucratic practice
B. The desire to make huge change
C. Annual planning of activities
D. The activities of shareholders

Question 3:

• WAEC 2020

Which function of the wholesaler enables him to stabilize prices?

A. Warehousing goods
B. Advertising the goods
C. Granting credit to retailers
D. Transporting goods

Question 4:

• WAEC 2020

In the long run, as individuals receive higher wages, it causes ____________

A. Demand for food to decrease
B. Demand for leisure to decrease
C. Supply of normal goods to decrease
D. Supply of labour to decrease

Question 5:

• WAEC 2020

Labor productivity is defined as ____________

A. Output per man-hour
B. Average Output
C. The maximum number of hours Worked
D. Total output of labour