Waec Economics Past Questions and Answers

Question 721:

• WAEC 2003

The problem of scarcity is reduced by

A. Controlling consumption of goods and services
B. Producing everything needed by the consumers
C. Ensuring efficient allocation of resources
D. Restricting consumer choice and tatste

Question 722:

• WAEC 2003

The reward for labour is

A. Wage
B. Profit
C. Rent
D. Dividend

Question 723:

• WAEC 2003

Which of the following factors of production consists of man made goods?

A. Land
B. Labour
C. Capital
D. Entreprennuer

Question 724:

• WAEC 2003

one major function of the entrepreneur is

A. Bearing of risks
B. Maximizing profits
C. Taking charge of day to day managment
D. Determinig the selling price of his products

Question 725:

• WAEC 2003

A major limiting factor of mass production is

A. Efficient management
B. Adequate labour supply
C. Small size of the market
D. Adequate supply of raw materials