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Economics Past Questions

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1686
The decision on what to produce is a problem in
  • A. all economics system
  • B. a mixed economic system only
  • C. a democratic socialist economy only
  • D. a free enterprise system only
  • E. a planned eceonomic system only
View Answer & Discuss WAEC 1995
1687
The law of demand states that
  • A. as price increases, quantity demanded remains constant
  • B. demand increases as price increases
  • C. as price falls, quantity demanded also falls
  • D. as price falls, quantity demanded increases
  • E. demand and supply remains constant whether price fall or increase
View Answer & Discuss WAEC 1995
1688
which of the following is an important limiting factor in the application of division of labour?
  • A. market size
  • B. availability of an infrastructure
  • C. wage rate
  • D. Raw materials
  • E. Availabily of land
View Answer & Discuss WAEC 1995
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1689
Which of the following does not encourage the location of industries?
  • A. Nearness to the market
  • B. Availability of infrastructural facilities
  • C. Government influence in sitting industries
  • D. political instability
  • E. Abundance of cheap labour
View Answer & Discuss WAEC 1995
1690
All the under listed factors directly affects the supply of a commodity except
  • A. price
  • B. improved production method
  • C. access to capital
  • D. demand for the commodity
  • E. level of income
View Answer & Discuss WAEC 1995
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