Waec Economics Past Questions For Year 2007

Question 1

The reward which accrues to labour for participating in production is

waec 2007

  • A. interest
  • B. wage
  • C. bonus
  • D. profit
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Question 2

The satisfaction derived from the use of a commodity is its

waec 2007

  • A. demand
  • B. elasticity
  • C. wealth
  • D. utility
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Question 3

The three principal economic unit in any system are

waec 2007

  • A. trade, industry and banking
  • B. workers, consumers and shareholders
  • C. households, firms and governments
  • D. comapnies, industry and plants
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Question 4

What must be added to variable cost to give total cost?

waec 2007

  • A. average total cost
  • B. average variable cost
  • C. fixed cost
  • D. marginal cost
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Question 5

When population is classified according to professions, it is called

waec 2007

  • A. geographical distribution of population
  • B. age distribution of population
  • C. sex distribution of population
  • D. occupational distribution of population
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