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Economics Past Questions and Answers

Waec Economics Questions

Question 1811:

A large firm may experience diseconomies of scale if there is ____________

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A Difficulty in coordinating decisions
B Division of labor in production
C Employment of more specialist
D Decrease in the cost of production

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Question 1812:

Increasing returns to scale suggests that ____________

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A A firm can make a profit by reducing output
B A firm can make more profit by increasing output
C As the producer reduces the quantity of raw materials used, the marginal product will double
D As the producer increases the quantity of raw materials used, the marginal product will fall

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Question 1813:

One feature of the average fixed cost is that it ____________

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A Falls continuously but is never equal to zero.
B Is U-shaped and intersects the Y-axis
C Rises and falls faster than the marginal cost
D Is always higher than the average variable cost

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Question 1814:

If the average fixed cost (AFC) of producing 5 bags of rice is $20.00, the average fixed cost of producing 10 bags will be ____________

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A $2.00
B $4.00
C $10.00
D $20.00

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Question 1815:

The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows

Output (units)	50	60	70	80	90
Total revenue (TR) $	85	102	119	136	153

What is the unit price of the firm's output

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A $10.00
B $2.70
C $2.00
D $1.70

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