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Economics 2001 WAEC Past Questions

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1
Economic problems arises because
  • A. resource are scarce relative to wants
  • B. man is insatiable
  • C. money is scarce
  • D. man engages in too many economic activities
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2
The economic system in which resource are privately owned dis known as
  • A. Capitalism
  • B. Socialism
  • C. communism
  • D. unitarism
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3
Quasi-rent refers to
  • A. payment made on aquisition of a firm's premises
  • B. payment made for the procurement of tools and equipments
  • C. returns on investment
  • D. payments made on any factors of production that is temporaly fixed in supply
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4
Reward for entrepreneurship is
  • A. rent
  • B. wages
  • C. interest
  • D. profit
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5
Which of the following is the function of an entrepreneur?
  • A. Avoidance of risks
  • B. decision making
  • C. employment control
  • D. Organizing unions
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