Economics Past Questions

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1646

Division of labour gives rise to

A. the exchange of goods and services
B. the use of barter system
C. the production of limited goods
D. unemployment
E. delay in production

View Answer & Discuss WAEC 1993

1647

One-man business is popular in West Africa because of all the following , except the

A. ease of entry
B. small capital required
C. limited enterpreneur skills needed
D. ease of decision making
E. tendency to become joint-stock companies

View Answer & Discuss WAEC 1993

1648

Which of the following is not a reason why statutory are run only by the government?

A. The duplication of some services will lead to resource wastage
B. all corporation provides services which individuals cannot provide
C. Essential services must be provided irrespective of the economic system adopted
D. some corporations require large financial capital which may not be easy to acquire by individuals
E. There is need to protect consumers from exploitation

View Answer & Discuss WAEC 1993

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1649

The definition of economics as 'the science which studies human behaviuor as a relationship between ends and scarce means which have alternative uses' was given by

A. Adam Smith
B. David Ricardo
C. Lionel Robbins
D. Thomas R. Mtithus
E. Robert Giffen

View Answer & Discuss WAEC 1994

1650

The concept of economics efficiency primarily implies

A. containing the maximum output from available resources at the lowest possible cost
B. conserving our petroleum resources
C. equity in the distribution of the nation's wealth
D. production without waste
E. the limited wants unlimited resources dilemma

View Answer & Discuss (2) WAEC 1994

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