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4291

Which of the following sets fully represents factors of production?

  • A. Sunlight, machinery, man, land
  • B. Land, water, weather
  • C. Money, market, middlemen
  • D. Land, labour, capital, enterprise, technology
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4292

Which of the following countries is not a member of the Economic Community of West African States?

  • A. Sudan
  • B. Gambia
  • C. Togo
  • D. Nigeria
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4293

Oligopoly means _________

  • A. single buyer in the market.
  • B. few buyers in the market.
  • C. few sellers in the market
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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4294

Use the table below to answer the question below;

The international production set for Nigeria and Austria is;

Products Nigeria Austria
Cocoa 20 tonnes 12 tonnes
Lace 1o metres 8 metres

 

The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______

  • A. 1.5:2
  • B. 2:2
  • C. 2:1.5
  • D. 0.5:1.5
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4295

Use the table below to answer the question below;

The international production set for Nigeria and Austria is;

Products Nigeria Austria
Cocoa 20 tonnes 12 tonnes
Lace 1o metres 8 metres

 

From the table, it can be deduced that_______

  • A. Nigeria should produce cocoa and lace
  • B. Nigeria can benefit from producing lace only
  • C. Austria should produce lace and Nigeria should produce cocoa
  • D. Austria should produce cocoa and lace
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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