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Wednesday, 15 July 2026
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Economics Past Questions and Answers

Economics Questions

Question 2521:
WAEC 1998
To the economist, efficiency of resource use means
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  • A The maximum use of resource to achieve minimum objectives
  • B The reduction of cost for adequate output
  • C Realting value of input to that of output
  • D Using appropriate resources for desired wants
  • E Maximizing output from a given amount of resource
View Answer & Explanation
Question 2522:
WAEC 1998
The shape of the average cost (AC) shows that as production increases
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  • A Total cost decreases
  • B Average cost decreases and then increases
  • C Average cost increaeses
  • D Marginal cost steadily increase
  • E Total cost remains constant
View Answer & Explanation
Question 2523:
WAEC 1998
one of the advantages of localization of industry is that firms
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  • A Make abnormal profits
  • B Are given tax holidays
  • C Are unified under one management
  • D Pay high wages
  • E Can have a large pool of skilled labours
View Answer & Explanation
Question 2524:
WAEC 1998
which of the following is not a type of industry?
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  • A Export
  • B Construction
  • C Mining
  • D Manufacturing
  • E Transport
View Answer & Explanation
Question 2525:
WAEC 1998
In a joint-stock company the shareholders are the
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  • A Owners
  • B Managers
  • C Chief executives
  • D Company advisers
  • E Day-to-day decision makers
View Answer & Explanation

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