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Economics Past Questions and Answers

Waec Economics Questions

Question 1106:

which of these is true of a perfect competitor?

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A P = AR < MR
B P > AR = MR
C P = MR < AR
D P = AR = MR

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Question 1107:

One advantage of a sole proprietor is that

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A It can be managed without conflicts
B The sole proprietor raises money from the public
C It makes an increase in the volume of business possible
D There is no limit to the number pf people who may bring in capital

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Question 1108:

which of the following is a condition necessary for a perfect market?

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A The goods are heterogenous
B There is preferential treatment
C There is a large number of buyers and sellers
D Buyers and sellers are easily influenced

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Question 1109:

A market in which a single price obtains for a product is known as

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A A product market
B A capital price market
C An imperfect market
D A perfect market

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Question 1110:

what is the effect of pursuit of higher education on the size of labour force?

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A It makes labour force to be defective
B It brings higher wage rate
C It increases the size of labour force
D It reduces the size of labour force

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