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Economics Past Questions and Answers

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Waec Economics Questions

Question 246:

A nation with a working population that is insufficient to exploit its resources is said to be

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A Over-populated
B Under-populated
C Experiencing decrease population
D Experiencing increasing population
E Having optimum population

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Question 247:

Which of the following may not be included in explaining the term production?

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A Provision of services
B Manufacture of goods
C Changing raw materials ti finishing goods
D Use of consumer goods
E Making goods available where and when they are needed

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Question 248:

which of the following business establishment are not motivated mainly by profit?

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A Public Limited Companies
B Private Limited Companies
C Holding companies
D Patnershps
E Co-operatives

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Question 249:

Production is not complete until the

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A Goods gets to the wholesaler
B Goods reached the final consumer
C Factors of production are combined
D Goods are ready for transportation
E Wholesalers ask the firms to produce

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Question 250:

which of the following is the correct way to calculate total cost?

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A Addition of fixed cost to variable cost
B Division of total cost by total output
C Multiplication of fixed cost by the variable cost
D Subtraction of fixed cost from total cost
E Addition of marginal cost to average cost

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