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Economics WAEC Past Questions

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211
The main objective of production by entrepreneur is to
  • A. equate marginal revenue with marginal cost
  • B. provide employment opportunities
  • C. equate total revenue with total cost
  • D. equate average revenue with average cost
  • E. acumulate wealth for the nation
View Answer & Discuss WAEC 1993
212
If price falls below the equilibrium
  • A. Demand will equal supply
  • B. Demand will be greater than supply
  • C. Supply will be greater than demand
  • D. Price will become indeterminate
  • E. Quantity supplied will be zero
View Answer & Discuss WAEC 1993
213
Which of the following is not a source of finance for a one-man business?
  • A. money lenders
  • B. inheritance
  • C. loans from insurance companies
  • D. loans from banks
  • E. Sales of shares
View Answer & Discuss WAEC 1993
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
214
Land is a most significant factor in terms of contribution to the economy because
  • A. it enables us to build industries
  • B. we build houses on it
  • C. all our highways are constructed on it
  • D. we get a lot of fishes from it
  • E. vital resources from it enrich the economy
View Answer & Discuss WAEC 1993
215
Capital as a factor of production is important because
  • A. it enables us to carry out task which can not be done by human effort only
  • B. most tasks can be done with bare hands
  • C. people can work without capital
  • D. without capital all the factors are useless
  • E. it provides money which is essnetial for the growth of business
View Answer & Discuss (2) WAEC 1993
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