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Economics Past Questions and Answers

Waec Economics Questions

Question 666:

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 667:

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 668:

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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Question 669:

Economist speaks about ‘opportunity cost’ when a consumer

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A He has the change to minimize cost
B Has to forgo one thing in order to have another
C Can equate his fix costs with his variable costs
D Is able to save part of his income

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Question 670:

The cost which firm will incur whether it is in production or not, is referred to as

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A Average cost
B Variable cost
C Opportunity cost
D Fixed cost

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