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Economics Past Questions and Answers

Waec Economics Questions

Question 1336:
The type of monopoly that develops as a result of uneven distribution of resources is called
  • A Legal monopoly
  • B Natural monopoly
  • C State monopoly
  • D International monopoly
View Answer & Explanation
Question 1337:
Goods which have to be paid for are known as
  • A Physical goods
  • B Economic goods
  • C Free goods
  • D Intangible goods
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Question 1338:
Goods are said to be in competitive demand when they are
  • A Substitutes
  • B Complementary
  • C Jointly demanded
  • D Identical
View Answer & Explanation
Question 1339:
In the long term run factors of production are considered to be
  • A At maximum
  • B Fixed
  • C Variable
  • D Increasing
View Answer & Explanation
Question 1340:
Which of the following will enhance productivity in an economy?
  • A The use of obsolete capital
  • B Technological change
  • C Expansion of land under cultivation
  • D An increase in the labour force
View Answer & Explanation