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Economics Past Questions and Answers

Waec Economics Questions

Question 601:
WAEC 2001
The economic system in which resource are privately owned dis known as
SchoolNGR Classroom
  • A Capitalism
  • B Socialism
  • C Communism
  • D Unitarism
View Answer & Explanation
Question 602:
WAEC 2001
Quasi-rent refers to
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  • A Payment made on aquisition of a firm's premises
  • B Payment made for the procurement of tools and equipments
  • C Returns on investment
  • D Payments made on any factors of production that is temporaly fixed in supply
View Answer & Explanation
Question 603:
WAEC 2001
Reward for entrepreneurship is
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  • A Rent
  • B Wages
  • C Interest
  • D Profit
View Answer & Explanation
Question 604:
WAEC 2001
Which of the following is the function of an entrepreneur?
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  • A Avoidance of risks
  • B Decision making
  • C Employment control
  • D Organizing unions
View Answer & Explanation
Question 605:
WAEC 2001
The difference between the highest and lowest in a set of data is
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  • A Range
  • B Median
  • C Variance
  • D Mode
View Answer & Explanation

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