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Economics Past Questions and Answers

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Waec Economics Questions

Question 721:
WAEC 2003
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:
WAEC 2003
The reward for labour is
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  • A Wage
  • B Profit
  • C Rent
  • D Dividend
View Answer & Explanation
Question 723:
WAEC 2003
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:
WAEC 2003
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:
WAEC 2003
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
View Answer & Explanation

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