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Economics 2003 WAEC Past Questions

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6
Which of the following factors of production consists of man made goods?
  • A. land
  • B. labour
  • C. capital
  • D. entreprennuer
View Answer & Discuss (2) WAEC 2003
7
one major function of the entrepreneur is
  • A. bearing of risks
  • B. maximizing profits
  • C. taking charge of day to day managment
  • D. determinig the selling price of his products
View Answer & Discuss WAEC 2003
8
A major limiting factor of mass production is
  • A. efficient management
  • B. adequate labour supply
  • C. small size of the market
  • D. adequate supply of raw materials
View Answer & Discuss WAEC 2003
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9
Division of labour leads to
  • A. improved craftsmanship
  • B. the production of standardized goods
  • C. increase in the cost of goods
  • D. trade by barter
View Answer & Discuss (1) WAEC 2003
10
which of the following is an advantage of localization of industry?
  • A. development of subsidiary firms
  • B. creation of paralell markets
  • C. developments of slums
  • D. attraction of foreign capitals
View Answer & Discuss WAEC 2003
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