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Economics 2004 WAEC Past Questions

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6
Mixed economy refers to a system in which the means of production are controlled by
  • A. private enterprises and the government
  • B. private indidviduals
  • C. the government only
  • D. the workers and businessmen
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7
An economic goods is described as a good which
  • A. yields utility and commands a price
  • B. is useful and occupies a space
  • C. is in high demand and transferable
  • D. has unlimited supply
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8
The concept of opportunity cost is important to the firm because it
  • A. determines the price of the firms products
  • B. increases the level of output of the firm
  • C. leads to maximum satisfaction of the consumers
  • D. guides firms in allocating scarce resources
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9
As a firm expand s , it enjoys some advantages called
  • A. variable proportion
  • B. diminishing marginal returns
  • C. internal economies of scales
  • D. decreasing returns to scale
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10
division of labour is limited by
  • A. the size of the market
  • B. the productivity of capital
  • C. cost of production
  • D. the factors of production
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