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Economics WAEC Past Questions

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216
A firm's compulsory cost whether it is in production or not , is referred to as its
  • A. prime cost
  • B. variable cost
  • C. marginal cost
  • D. fixed cost
  • E. average cost
View Answer & Discuss WAEC 1993
217
A scale of preference is a list
  • A. of consumer's wants arrange in order of importance
  • B. thaqt helps the individual to make rational choice
  • C. that enables the consumer to make a wise decision about his choice
  • D. that is necessary because human beigns are faced with competitive wants
  • E. os all satisfied wants arrange in order of magnitude
View Answer & Discuss WAEC 1993
218
An economic system in which the state owns and controls the means of production is known as
  • A. free enterprise
  • B. socialist economy
  • C. mixed economy
  • D. capitalist economy
  • E. welafare company
View Answer & Discuss WAEC 1993
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219
Which of the following is not a middleman in the distribution channel? The
  • A. wholesaler
  • B. distributor
  • C. agent
  • D. cosumer
  • E. retailer
View Answer & Discuss (1) WAEC 1993
220
Division of labour gives rise to
  • A. the exchange of goods and services
  • B. the use of barter system
  • C. the production of limited goods
  • D. unemployment
  • E. delay in production
View Answer & Discuss WAEC 1993
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