Year :
2002
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
1 - 10 of 47 Questions
| # | Question | Ans |
|---|---|---|
| 1. |
Economics is best described as the study of A. the wealth of nations B. how man consume his products C. how man provides for his everyday needs D. the distribution of wealth |
C |
| 2. |
The most frequent occurring value in a given data is the A. mode B. median C. mean D. range |
A |
| 3. |
Subsistence production means that goods and services are A. produced for consumption only B. sold to others C. sold in the country D. produced for the market |
A |
| 4. |
Warehouse facilities in the distribution and marketing of products are provided by A. manufacturer B. wholesaler C. retailer D. advertisers |
B |
| 5. |
Which of the following is a reward to a factor of production? A. interest B. donation C. gifts D. subsidy |
A |
| 6. |
Land is a factor of production because it A. is a free gift of nature B. contains valuable mineral resources C. assits in the creation of utility D. is owned by individuals and governments |
C |
| 7. |
One of the advantages of large scale production is that A. there is a rise in the cost of administration B. consumers sacrtifice their indidvidual tatstes C. the firm can use labour-saving machinery D. the demand for a firm's product becomes localized |
C |
| 8. |
Which of the following is an advantage of division of labour? A. production of specialized goods B. employment of experts C. monotony of work D. Greater use of machinery Detailed SolutionDivision of labour is the separation of a work process into a number of tasks, with each task performed by a separate person or group of persons. This leads to specialization as people get to work on specific tasks and become efficient and expertise in that area.In this regards, division of labour allows the agents/people to focus on areas of advantage due to natural factors and skill levels. |
|
| 9. |
Despite the benefits large firms enjoy, it could be limited by the A. a desire to make maximum profit B. introduction of efficient transport system C. growth of specialization D. extent of the market |
D |
| 10. |
Localization of industry refers to the A. conentration of the firms of an industry in a particular area B. siting of industries in rural areas C. even spread of industries D. governement policy of influencing |
A |
| 1. |
Economics is best described as the study of A. the wealth of nations B. how man consume his products C. how man provides for his everyday needs D. the distribution of wealth |
C |
| 2. |
The most frequent occurring value in a given data is the A. mode B. median C. mean D. range |
A |
| 3. |
Subsistence production means that goods and services are A. produced for consumption only B. sold to others C. sold in the country D. produced for the market |
A |
| 4. |
Warehouse facilities in the distribution and marketing of products are provided by A. manufacturer B. wholesaler C. retailer D. advertisers |
B |
| 5. |
Which of the following is a reward to a factor of production? A. interest B. donation C. gifts D. subsidy |
A |
| 6. |
Land is a factor of production because it A. is a free gift of nature B. contains valuable mineral resources C. assits in the creation of utility D. is owned by individuals and governments |
C |
| 7. |
One of the advantages of large scale production is that A. there is a rise in the cost of administration B. consumers sacrtifice their indidvidual tatstes C. the firm can use labour-saving machinery D. the demand for a firm's product becomes localized |
C |
| 8. |
Which of the following is an advantage of division of labour? A. production of specialized goods B. employment of experts C. monotony of work D. Greater use of machinery Detailed SolutionDivision of labour is the separation of a work process into a number of tasks, with each task performed by a separate person or group of persons. This leads to specialization as people get to work on specific tasks and become efficient and expertise in that area.In this regards, division of labour allows the agents/people to focus on areas of advantage due to natural factors and skill levels. |
|
| 9. |
Despite the benefits large firms enjoy, it could be limited by the A. a desire to make maximum profit B. introduction of efficient transport system C. growth of specialization D. extent of the market |
D |
| 10. |
Localization of industry refers to the A. conentration of the firms of an industry in a particular area B. siting of industries in rural areas C. even spread of industries D. governement policy of influencing |
A |