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Economics Past Questions and Answers

Waec Economics Questions

Question 1031:

Small scale enterprises are important in a country because

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A They usually produce goods for the dependants
B They provide after-sales servie only to the rich
C The price of their products are fixed
D They render personalized service to the consumers

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Question 1032:

In the long run all factors of production are

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A Expensive
B Variable
C Durable
D Fixed

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Question 1033:

The transformation curve slopes indicates that

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A Opportunity cost of producing one commodity for another
B Opportunity cost of producing two commodities at a time
C Sales of the plants to other investors
D Decrease in the cost of production

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Question 1034:

Which of the following is regarded as fixed cost?

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A Expenditure on raw materials
B Expenditure on fuel
C Expenditure on power
D Rent on land

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Question 1035:

Revenue is the

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A Cost of good multiplied by the quantity sold
B Price of goods multiplied by the quantity sold
C Quantity of goods plus purchase price
D Quantity supplied less quantity sold

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