Waec Economics 1989 Past Questions and Answers

Question 16:

• WAEC 1989

Which of the following is regarded as fixed cost?

A. Cost of raw material
B. Cost of fuel
C. Cost of light
D. Rent on land
E. Labour wages

Question 17:

• WAEC 1989

which of the following reasons explains the upward sloping of supply curve in a competitive market?

A. Ceteris paribus, marginal cost increase as output increases
B. As new firms enter the market, factor price moves up
C. Firms are in business to satisfy consumers
D. Marginal cost often increases in a competitive market
E. Firms are in business to produce goods

Question 18:

• WAEC 1989

A firm is said to be a Public Joint-Stock Company when it

A. Is owned by the government
B. Operates as a public corporation
C. Is a limited liability company
D. Sells its shares to memebers of the public
E. Is administered by the public

Question 19:

• WAEC 1989

which of the following factor is not important in deciding the location of an industry?

A. The native language of the epople
B. Availabilty of suitable labour
C. Source of cheap power and raw materials
D. Proximity to the location of a similar industry
E. Proximity to the market

Question 20:

• WAEC 1989

The clearing house of all commercial banks in Nigeria is the

A. General Post Office
B. Bnak forCommerce and Industry
C. Nigerian Industrial Development Bank
D. Mortgage Bank
E. Central Bnak