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Economics Past Questions and Answers

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Waec Economics Questions

Question 436:

Total cost is the addition of

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A Real cost and money cost
B Price and taxes
C Fixed cost and variable cost
D Average cost and marginal cost
E Cost of raw materials and wages

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Question 437:

Total cost is the addition of

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A Real cost and money cost
B Price and taxes
C Fixed cost and variable cost
D Average cost and marginal cost
E Cost of raw materials and wages

View Answer & Explanation

Question 438:

external economies refer to the

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A Cost-saving advantage a firm enjoys when by being close to other firm in the same industry
B Disadvantage to a firm that is close to other firms
C Economies of large scale production
D Economies of low scale production
E Artificial scarcity of goods

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Question 439:

To the economist, efficiency of resource use means

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A The maximum use of resource to achieve minimum objectives
B The reduction of cost for adequate output
C Realting value of input to that of output
D Using appropriate resources for desired wants
E Maximizing output from a given amount of resource

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Question 440:

The shape of the average cost (AC) shows that as production increases

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A Total cost decreases
B Average cost decreases and then increases
C Average cost increaeses
D Marginal cost steadily increase
E Total cost remains constant

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