Year :
2004
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
1 - 10 of 46 Questions
| # | Question | Ans |
|---|---|---|
| 1. |
Which of the following is an economic activity? A. attending a town's meeting B. a visit to the stadium C. payment of school fees D. arresting a petty thief |
C |
| 2. |
The reward for land as a factor of production is A. interest B. rent C. dividends D. wages |
B |
| 3. |
The three broad categories of productions are A. direct, secondary and extractive B. primary, tertiary and direct C. primary, secondary and tertiary D. secondary , primary and direct |
C |
| 4. |
A carpenter's consumer goods includes 1. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of socks IV. 3 screw drivers A. I and IV only B. I,II,III and IV C. I, II and IV only D. I, II and III and III |
D |
| 5. |
In a capitalist system, the means of production is owned and controlled by A. the government B. politicians C. private indidviduals D. the workers |
C |
| 6. |
Mixed economy refers to a system in which the means of production are controlled by A. private enterprises and the government B. private indidviduals C. the government only D. the workers and businessmen |
A |
| 7. |
An economic goods is described as a good which A. yields utility and commands a price B. is useful and occupies a space C. is in high demand and transferable D. has unlimited supply |
A |
| 8. |
The concept of opportunity cost is important to the firm because it A. determines the price of the firms products B. increases the level of output of the firm C. leads to maximum satisfaction of the consumers D. guides firms in allocating scarce resources |
D |
| 9. |
As a firm expand s , it enjoys some advantages called A. variable proportion B. diminishing marginal returns C. internal economies of scales D. decreasing returns to scale |
C |
| 10. |
Division of labour is limited by A. the size of the market B. the productivity of capital C. cost of production D. the factors of production |
A |
| 1. |
Which of the following is an economic activity? A. attending a town's meeting B. a visit to the stadium C. payment of school fees D. arresting a petty thief |
C |
| 2. |
The reward for land as a factor of production is A. interest B. rent C. dividends D. wages |
B |
| 3. |
The three broad categories of productions are A. direct, secondary and extractive B. primary, tertiary and direct C. primary, secondary and tertiary D. secondary , primary and direct |
C |
| 4. |
A carpenter's consumer goods includes 1. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of socks IV. 3 screw drivers A. I and IV only B. I,II,III and IV C. I, II and IV only D. I, II and III and III |
D |
| 5. |
In a capitalist system, the means of production is owned and controlled by A. the government B. politicians C. private indidviduals D. the workers |
C |
| 6. |
Mixed economy refers to a system in which the means of production are controlled by A. private enterprises and the government B. private indidviduals C. the government only D. the workers and businessmen |
A |
| 7. |
An economic goods is described as a good which A. yields utility and commands a price B. is useful and occupies a space C. is in high demand and transferable D. has unlimited supply |
A |
| 8. |
The concept of opportunity cost is important to the firm because it A. determines the price of the firms products B. increases the level of output of the firm C. leads to maximum satisfaction of the consumers D. guides firms in allocating scarce resources |
D |
| 9. |
As a firm expand s , it enjoys some advantages called A. variable proportion B. diminishing marginal returns C. internal economies of scales D. decreasing returns to scale |
C |
| 10. |
Division of labour is limited by A. the size of the market B. the productivity of capital C. cost of production D. the factors of production |
A |