Waec Economics Past Questions For Year 2007
Question 1
The reward which accrues to labour for participating in production is
- A. interest
- B. wage
- C. bonus
- D. profit
Question 2
The satisfaction derived from the use of a commodity is its
- A. demand
- B. elasticity
- C. wealth
- D. utility
Question 3
The three principal economic unit in any system are
- A. trade, industry and banking
- B. workers, consumers and shareholders
- C. households, firms and governments
- D. comapnies, industry and plants
Question 4
What must be added to variable cost to give total cost?
- A. average total cost
- B. average variable cost
- C. fixed cost
- D. marginal cost
Question 5
When population is classified according to professions, it is called
- A. geographical distribution of population
- B. age distribution of population
- C. sex distribution of population
- D. occupational distribution of population