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Economics Past Questions and Answers

Waec Economics Questions

Question 661:

Subsistence production means that goods and services are

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A Produced for consumption only
B Sold to others
C Sold in the country
D Produced for the market

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Question 662:

Warehouse facilities in the distribution and marketing of products are provided by

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A Manufacturer
B Wholesaler
C Retailer
D Advertisers

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Question 663:

Which of the following is a reward to a factor of production?

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A Interest
B Donation
C Gifts
D Subsidy

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Question 664:

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 665:

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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