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Economics Past Questions and Answers

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Waec Economics Questions

Question 261:

The main objective of production by entrepreneur is to

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A Equate marginal revenue with marginal cost
B Provide employment opportunities
C Equate total revenue with total cost
D Equate average revenue with average cost
E Acumulate wealth for the nation

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Question 262:

If price falls below the equilibrium

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A Demand will equal supply
B Demand will be greater than supply
C Supply will be greater than demand
D Price will become indeterminate
E Quantity supplied will be zero

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Question 263:

Which of the following is not a source of finance for a one-man business?

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A Money lenders
B Inheritance
C Loans from insurance companies
D Loans from banks
E Sales of shares

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Question 264:

Land is a most significant factor in terms of contribution to the economy because

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A It enables us to build industries
B We build houses on it
C All our highways are constructed on it
D We get a lot of fishes from it
E Vital resources from it enrich the economy

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Question 265:

Capital as a factor of production is important because

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A It enables us to carry out task which can not be done by human effort only
B Most tasks can be done with bare hands
C People can work without capital
D Without capital all the factors are useless
E It provides money which is essnetial for the growth of business

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