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Economics 2002 WAEC Past Questions

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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
View Answer & Discuss WAEC 2002
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
View Answer & Discuss (1) WAEC 2002
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
View Answer & Discuss (3) WAEC 2002
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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
View Answer & Discuss WAEC 2002
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
View Answer & Discuss WAEC 2002
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