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WAEC Economics 1993 Question 33

Question 33

Theory of Production

Capital as a factor of production is important because

  1. A.it enables us to carry out tasks which cannot be done by human effort only
  2. B.most tasks can be done with bare hands
  3. C.people can work without capital
  4. D.without capital, all other factors are useless
  5. E.it provides money which is essential for the growth of business.
Show the answer and explanation

Answer: A (it enables us to carry out tasks which cannot be done by human effort only)

Explanation

Capital goods (machines, tools, buildings) multiply what labour can do and make possible tasks that hands alone cannot perform.