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Economics Past Questions and Answers

Economics Questions

Question 2741:
WAEC 2002
Land is a factor of production because it
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  • A Is a free gift of nature
  • B Contains valuable mineral resources
  • C Assits in the creation of utility
  • D Is owned by individuals and governments
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Question 2742:
WAEC 2002
One of the advantages of large scale production is that
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  • A There is a rise in the cost of administration
  • B Consumers sacrtifice their indidvidual tatstes
  • C The firm can use labour-saving machinery
  • D The demand for a firm's product becomes localized
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Question 2743:
WAEC 2002
Which of the following is an advantage of division of labour?
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  • A Production of specialized goods
  • B Employment of experts
  • C Monotony of work
  • D Greater use of machinery
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Question 2744:
WAEC 2002
Despite the benefits large firms enjoy, it could be limited by the
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  • A A desire to make maximum profit
  • B Introduction of efficient transport system
  • C Growth of specialization
  • D Extent of the market
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Question 2745:
WAEC 2002
Localization of industry refers to the
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  • A Conentration of the firms of an industry in a particular area
  • B Siting of industries in rural areas
  • C Even spread of industries
  • D Governement policy of influencing
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