Waec Economics Past Questions and Answers

Question 261:

• WAEC 1993

The main objective of production by entrepreneur is to

A. Equate marginal revenue with marginal cost
B. Provide employment opportunities
C. Equate total revenue with total cost
D. Equate average revenue with average cost
E. Acumulate wealth for the nation

Question 262:

• WAEC 1993

If price falls below the equilibrium

A. Demand will equal supply
B. Demand will be greater than supply
C. Supply will be greater than demand
D. Price will become indeterminate
E. Quantity supplied will be zero

Question 263:

• WAEC 1993

Which of the following is not a source of finance for a one-man business?

A. Money lenders
B. Inheritance
C. Loans from insurance companies
D. Loans from banks
E. Sales of shares

Question 264:

• WAEC 1993

Land is a most significant factor in terms of contribution to the economy because

A. It enables us to build industries
B. We build houses on it
C. All our highways are constructed on it
D. We get a lot of fishes from it
E. Vital resources from it enrich the economy

Question 265:

• WAEC 1993

Capital as a factor of production is important because

A. It enables us to carry out task which can not be done by human effort only
B. Most tasks can be done with bare hands
C. People can work without capital
D. Without capital all the factors are useless
E. It provides money which is essnetial for the growth of business