Waec Economics Past Questions and Answers

Question 601:

• WAEC 2001

The economic system in which resource are privately owned dis known as

A. Capitalism
B. Socialism
C. Communism
D. Unitarism

Question 602:

• WAEC 2001

Quasi-rent refers to

A. Payment made on aquisition of a firm's premises
B. Payment made for the procurement of tools and equipments
C. Returns on investment
D. Payments made on any factors of production that is temporaly fixed in supply

Question 603:

• WAEC 2001

Reward for entrepreneurship is

A. Rent
B. Wages
C. Interest
D. Profit

Question 604:

• WAEC 2001

Which of the following is the function of an entrepreneur?

A. Avoidance of risks
B. Decision making
C. Employment control
D. Organizing unions

Question 605:

• WAEC 2001

The difference between the highest and lowest in a set of data is

A. Range
B. Median
C. Variance
D. Mode