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Economics Past Questions and Answers

Waec Economics Questions

Question 441:

one of the advantages of localization of industry is that firms

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A Make abnormal profits
B Are given tax holidays
C Are unified under one management
D Pay high wages
E Can have a large pool of skilled labours

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Question 442:

which of the following is not a type of industry?

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A Export
B Construction
C Mining
D Manufacturing
E Transport

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Question 443:

In a joint-stock company the shareholders are the

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A Owners
B Managers
C Chief executives
D Company advisers
E Day-to-day decision makers

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Question 444:

The distribution of goods by the price system is distorted when

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A There is a high degree of competition among producers
B Producers and consumers operate freely
C Factors of production are mobile
D No aalowance is made for social costs and social benefits
E There is price control measure in the system

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Question 445:

An appropriate industrialization strategy in an under-populated country is

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A Import substitution
B Capital intensive
C The contract method
D The use of foreigners in the factories
E Labour intensive

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