Search SchoolNGR

Economics Past Questions and Answers

Waec Economics Questions

Question 1561:

parallel markets are usually the results of

SchoolNGR Classroom

A Excess supply
B The activities of rich individuals
C Price legislation
D Inadequate information

View Answer & Explanation

Question 1562:

Another term for equilibrium price is?

SchoolNGR Classroom

A Price floor
B Demand price
C Market clearing price
D Satisfactory price

View Answer & Explanation

Question 1563:

when a firm is enjoying internal economies of scale, its?

SchoolNGR Classroom

A Total cost of production is increasing
B Average fixed cost is rising continuously
C Average cost of production decreases as output increases
D Average revenue and marginal revenue are decreasing

View Answer & Explanation

Question 1564:

The specialization of labour enhances production because people?

SchoolNGR Classroom

A Can concentrate on all goods
B Can efficiently produce their own needs
C Can save time and produce more
D Become experts in all areas of production

View Answer & Explanation

Question 1565:

which of the following can be added to a firm's profit to obtain total revenue

SchoolNGR Classroom

A Total variable cost
B Total fixed cost
C Marginal cost
D Total revenue

View Answer & Explanation

Stay Updated

Follow us on:

Subjects