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Economics

Economics · Quick practice · answer shown after each question

Basic concepts

Question 1 of 10

Question 1 of 10

The reward for land as a factor of production is

Question 2 of 10

Question 2 of 10

Which is a capital good?

Question 3 of 10

Question 3 of 10

The alternative forgone when a choice is made is the

Question 4 of 10

Question 4 of 10

The factor of production that bears risk and organises the others is the

Question 5 of 10

Question 5 of 10

A point inside the production possibility curve indicates

Question 6 of 10

Question 6 of 10

A production possibility curve shows

Question 7 of 10

Question 7 of 10

A production possibility curve that is concave to the origin shows

Question 8 of 10

Question 8 of 10

Which of the following is an example of a free good?

Question 9 of 10

Question 9 of 10

An economic system in which resources are owned and controlled by the state is

Question 10 of 10

Question 10 of 10

Goods that are free in supply and have no price, such as air, are

Questions written by OtisamLMS in the style of the WASSCE. They are not WAEC past questions.