Waec Economics Past Questions and Answers

Question 661:

• WAEC 2002

Subsistence production means that goods and services are

A. Produced for consumption only
B. Sold to others
C. Sold in the country
D. Produced for the market

Question 662:

• WAEC 2002

Warehouse facilities in the distribution and marketing of products are provided by

A. Manufacturer
B. Wholesaler
C. Retailer
D. Advertisers

Question 663:

• WAEC 2002

Which of the following is a reward to a factor of production?

A. Interest
B. Donation
C. Gifts
D. Subsidy

Question 664:

• WAEC 2002

Land is a factor of production because it

A. Is a free gift of nature
B. Contains valuable mineral resources
C. Assits in the creation of utility
D. Is owned by individuals and governments

Question 665:

• WAEC 2002

One of the advantages of large scale production is that

A. There is a rise in the cost of administration
B. Consumers sacrtifice their indidvidual tatstes
C. The firm can use labour-saving machinery
D. The demand for a firm's product becomes localized