Question 4191:

• WAEC 2021

The law of diminishing returns is applicable to the ________________

A. Fixed inputs of production.
B. Variable factors of production.
C. Plants and machinery of the firm.
D. Equipment and other capital.

Question 4192:

• WAEC 2021

A firm incurred the following costs in production. Use the information in the table to answer the question below.

Output(bags of rice	0	10	20	30	40	50	60
Total Cost ($)	100	200	300	380	440	520	600

The fixed cost of production is ____________

A. $100.
B. $200.
C. $300.
D. $600

Question 4193:

• WAEC 2021

The age distribution of a country's population is shown below. Use the information is answer the question below.

Age group (YEARS)	Population
0 - 1516 - 4041 - 60Over 60	30%45%15%10%

What is the percentage of the working population?

A. 75%
B. 60%
C. 45%
D. 15%

Question 4194:

• WAEC 2021

The age distribution of a country's population is shown below. Use the information is answer the question below.

Age group (YEARS)	Population
0 - 1516 - 4041 - 60Over 60	30%45%15%10%

What is the dependency ratio?

A. 2:3
B. 3:2
C. 1:2
D. 6:1

Question 4195:

• WAEC 2021

The supply of land for agricultural purpose can be increased through ____________

A. The introduction of mechanized farming
B. Reclamation and irrigation
C. Increase in prices of land
D. Conversion of building sites to farmlands