WAEC Economics questions: Factors of production

15 questions with answers and explanations. Tap an option to check yourself.

1. Question 1· Factors of production· WAEC

   The mobility of labour refers to the ease with which labour can

   • Amove from one occupation or place to another
   • Bbe replaced by machines
   • Cearn interest
   • Dbecome land

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   Explanation and discussion

2. Question 2· Factors of production· WAEC

   The reward for land as a factor of production is

   • Awages
   • Binterest
   • Crent
   • Dprofit

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3. Question 3· Factors of production· WAEC

   Occupational mobility of labour is improved by

   • Afixed wages
   • Btraining and education
   • Chousing shortage
   • Dfamily ties

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   Explanation and discussion

4. Question 4· Factors of production· WAEC

   Which of these is an example of capital as a factor of production?

   • Aa farm worker
   • Ba river
   • Ca grinding machine in a garri factory
   • Dforest land

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   Explanation and discussion

5. Question 5· Factors of production· WAEC

   The supply of land is

   • Afixed in total quantity
   • Bunlimited
   • Cincreased by advertising
   • Dmobile geographically

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   Explanation and discussion

6. Question 6· Factors of production· WAEC

   Ada starts a bakery, hires workers and bears the loss if it fails. In economics she is the

   • Alabour
   • Bentrepreneur
   • Ccapital
   • Dland

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7. Question 7· Factors of production· WAEC

   Land as a factor of production is said to be fixed in supply because

   • Ait is man-made
   • Bit can be moved easily
   • Cits total quantity cannot be increased
   • Dit earns interest

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8. Question 8· Factors of production· WAEC

   Mrs Okafor brings together land, labour and capital to run a poultry farm and bears the risk. Her reward is

   • Arent
   • Bprofit
   • Cwages
   • Dinterest

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9. Question 9· Factors of production· WAEC

   Mr. Okon lets his farmland to a cassava farmer for ₦50,000 a year. This payment is

   • Awages
   • Brent
   • Cinterest
   • Dprofit

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10. Question 10· Factors of production· WAEC

    The efficiency of labour can be increased by

    • Aremoving all machines
    • Breducing wages
    • Clonger hours without rest
    • Dtraining and good working conditions

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    Explanation and discussion

11. Question 11· Factors of production· WAEC

    Which of these is an example of capital goods used by a bakery?

    • Athe baker's skill
    • Ba loaf sold to customers
    • Can oven
    • Dthe land under the shop

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12. Question 12· Factors of production· WAEC

    The factor of production that bears the risk of a business is the

    • Alabourer
    • Bentrepreneur
    • Clandlord
    • Dcapitalist

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13. Question 13· Factors of production· WAEC

    The four factors of production are

    • Aworkers, owners, buyers and sellers
    • Bmoney, land, machines and buildings
    • Cland, labour, capital and entrepreneur
    • Dfarms, factories, banks and markets

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14. Question 14· Factors of production· WAEC

    Which of these is an example of capital?

    • Aa baker's skill
    • Ba plot of farmland
    • Ca bakery's oven
    • Drainfall

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    Explanation and discussion

15. Question 15· Factors of production· WAEC

    The total supply of land as a factor of production is

    • Aperfectly elastic
    • Bfixed
    • Cunlimited
    • Dconstantly increasing

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    Explanation and discussion