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Economics Past Questions and Answers

Waec Economics Questions

Question 786:
WAEC 2004
As a firm expand s , it enjoys some advantages called
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  • A Variable proportion
  • B Diminishing marginal returns
  • C Internal economies of scales
  • D Decreasing returns to scale
View Answer & Explanation
Question 787:
WAEC 2004
division of labour is limited by
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  • A The size of the market
  • B The productivity of capital
  • C Cost of production
  • D The factors of production
View Answer & Explanation
Question 788:
WAEC 2004
An entrepreneur is likely to make more profits when
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  • A Expenditure is more than revenue
  • B Competitors charge lower prices
  • C Costs per unit output falls
  • D Quantity of output reduces
View Answer & Explanation
Question 789:
WAEC 2004
Natural growth rate is
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  • A Birth rate less death rate
  • B Death rate less migration
  • C Death rate plus birth rate
  • D Birth rate plus migration
View Answer & Explanation
Question 790:
WAEC 2004
A major effect of ageing population is
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  • A Reduced labour force
  • B Rise in price of commodities
  • C Reduced infrastructures
  • D Neglect of agriculture
View Answer & Explanation

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