Waec Economics Past Questions and Answers

Question 666:

• WAEC 2002

Which of the following is an advantage of division of labour?

A. Production of specialized goods
B. Employment of experts
C. Monotony of work
D. Greater use of machinery

Question 667:

• WAEC 2002

Despite the benefits large firms enjoy, it could be limited by the

A. A desire to make maximum profit
B. Introduction of efficient transport system
C. Growth of specialization
D. Extent of the market

Question 668:

• WAEC 2002

Localization of industry refers to the

A. Conentration of the firms of an industry in a particular area
B. Siting of industries in rural areas
C. Even spread of industries
D. Governement policy of influencing

Question 669:

• WAEC 2002

Economist speaks about ‘opportunity cost’ when a consumer

A. He has the change to minimize cost
B. Has to forgo one thing in order to have another
C. Can equate his fix costs with his variable costs
D. Is able to save part of his income

Question 670:

• WAEC 2002

The cost which firm will incur whether it is in production or not, is referred to as

A. Average cost
B. Variable cost
C. Opportunity cost
D. Fixed cost