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Economics Past Questions and Answers

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Waec Economics Questions

Question 61:

Mobility of labour is not affected by

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A The optimum size of population
B Marriage and family
C The regulation of trade unions
D The period of training
E Culture and religious beliefs

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Question 62:

Given that fixed cost is N500.00, variable cost N1,500.00 and output is 50 units, what will be the average cost of producing one unit?

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A N2,000.00
B N60.00
C N50.00
D N40.00
E N30.00

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Question 63:

Which of the following is regarded as fixed cost?

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A Cost of raw material
B Cost of fuel
C Cost of light
D Rent on land
E Labour wages

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Question 64:

which of the following reasons explains the upward sloping of supply curve in a competitive market?

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A Ceteris paribus, marginal cost increase as output increases
B As new firms enter the market, factor price moves up
C Firms are in business to satisfy consumers
D Marginal cost often increases in a competitive market
E Firms are in business to produce goods

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Question 65:

A firm is said to be a Public Joint-Stock Company when it

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A Is owned by the government
B Operates as a public corporation
C Is a limited liability company
D Sells its shares to memebers of the public
E Is administered by the public

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