Waec Economics Past Questions and Answers

Question 781:

• WAEC 2004

A carpenter's consumer goods includes 1. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of socks IV. 3 screw drivers

A. I and IV only
B. I,II,III and IV
C. I, II and IV only
D. I, II and III and III

Question 782:

• WAEC 2004

In a capitalist system, the means of production is owned and controlled by

A. The government
B. Politicians
C. Private indidviduals
D. The workers

Question 783:

• WAEC 2004

Mixed economy refers to a system in which the means of production are controlled by

A. Private enterprises and the government
B. Private indidviduals
C. The government only
D. The workers and businessmen

Question 784:

• WAEC 2004

An economic goods is described as a good which

A. Yields utility and commands a price
B. Is useful and occupies a space
C. Is in high demand and transferable
D. Has unlimited supply

Question 785:

• WAEC 2004

The concept of opportunity cost is important to the firm because it

A. Determines the price of the firms products
B. Increases the level of output of the firm
C. Leads to maximum satisfaction of the consumers
D. Guides firms in allocating scarce resources