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WAEC Economics 2017 Question 3

Question 3

Theory of Production

Which of the following items is not an example of circulating capital?

  1. A.Raw material
  2. B.Money
  3. C.Fuel
  4. D.Machinery
Show the answer and explanation

Answer: D (Machinery)

Explanation

Machinery is used many times, so it is fixed capital; the others are used up in one round of production.