Waec Economics 1995 Past Questions and Answers

Question 16:

• WAEC 1995

Which of the following explains marginal cost?

A. Overhead cost plus variable cost resulting from production
B. The average cost of producing more units of the products
C. The extra cost of producing more units of products
D. Overhead cost minus variable cost
E. The additional to total cost resulting from the production of an additional unit

Question 17:

• WAEC 1995

The effect of an increase in price on the demand for a commodity with elastic demand will be

A. An increase in the demand for the commodity
B. A decrease in the demand for the commodity
C. A further increase in the price of the commodity
D. Reduction in the number of the distributors of the commodity
E. A general increase in the cost of the production

Question 18:

• WAEC 1995

In perfect competition , the marginal cost curve intersects the average cost curve

A. From below at its lowest point
B. From above at its lowest point
C. From below before the lowest point
D. At the zero point
E. From below after the lower point

Question 19:

• WAEC 1995

Which of the following does not require the use of information from census?

A. Allocating central government revenue among states or regions
B. Planning for development in the states of regions
C. Demarcating constituencies for election in the states or regions
D. Providing adequate social amenities and services in the states or regions
E. Controlling geographical mobility of labour among the states or regions

Question 20:

• WAEC 1995

Which of the following is not a function of an insurance company?

A. Mobilization of funds through premiums collected
B. Encouragement of savings habits through life assurances
C. Collection of deposits from the public
D. Granting of loans on long-term basis for investment
E. Encouragment of investment by security of capital