Waec Economics Past Questions and Answers

Question 266:

• WAEC 1993

A firm's compulsory cost whether it is in production or not , is referred to as its

A. Prime cost
B. Variable cost
C. Marginal cost
D. Fixed cost
E. Average cost

Question 267:

• WAEC 1993

A scale of preference is a list

A. Of consumer's wants arrange in order of importance
B. Thaqt helps the individual to make rational choice
C. That enables the consumer to make a wise decision about his choice
D. That is necessary because human beigns are faced with competitive wants
E. Os all satisfied wants arrange in order of magnitude

Question 268:

• WAEC 1993

An economic system in which the state owns and controls the means of production is known as

A. Free enterprise
B. Socialist economy
C. Mixed economy
D. Capitalist economy
E. Welafare company

Question 269:

• WAEC 1993

Which of the following is not a middleman in the distribution channel? The

A. Wholesaler
B. Distributor
C. Agent
D. Cosumer
E. Retailer

Question 270:

• WAEC 1993

Division of labour gives rise to

A. The exchange of goods and services
B. The use of barter system
C. The production of limited goods
D. Unemployment
E. Delay in production