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Economics Past Questions and Answers

Waec Economics Questions

Question 721:

The problem of scarcity is reduced by

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A Controlling consumption of goods and services
B Producing everything needed by the consumers
C Ensuring efficient allocation of resources
D Restricting consumer choice and tatste

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Question 722:

The reward for labour is

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A Wage
B Profit
C Rent
D Dividend

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Question 723:

Which of the following factors of production consists of man made goods?

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A Land
B Labour
C Capital
D Entreprennuer

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Question 724:

one major function of the entrepreneur is

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A Bearing of risks
B Maximizing profits
C Taking charge of day to day managment
D Determinig the selling price of his products

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Question 725:

A major limiting factor of mass production is

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A Efficient management
B Adequate labour supply
C Small size of the market
D Adequate supply of raw materials

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