Waec Economics Past Questions and Answers

Question 1336:

• WAEC 2013

The type of monopoly that develops as a result of uneven distribution of resources is called

A. Legal monopoly
B. Natural monopoly
C. State monopoly
D. International monopoly

Question 1337:

• WAEC 2013

Goods which have to be paid for are known as

A. Physical goods
B. Economic goods
C. Free goods
D. Intangible goods

Question 1338:

• WAEC 2013

Goods are said to be in competitive demand when they are

A. Substitutes
B. Complementary
C. Jointly demanded
D. Identical

Question 1339:

• WAEC 2013

In the long term run factors of production are considered to be

A. At maximum
B. Fixed
C. Variable
D. Increasing

Question 1340:

• WAEC 2013

Which of the following will enhance productivity in an economy?

A. The use of obsolete capital
B. Technological change
C. Expansion of land under cultivation
D. An increase in the labour force