Waec Economics 1996 Past Questions and Answers

Question 11:

• WAEC 1996

Decreasing returns to scale implies ta if all factors of production are doubled, output will be

A. More than doubled
B. Less than doubled
C. Doubled
D. Unchanged
E. Trebled

Question 12:

• WAEC 1996

Rents and interest are rewards to

A. Labour and capital respectively
B. Land only
C. Capital only
D. Labour and land respectively
E. Land and capital respectively

Question 13:

• WAEC 1996

The process that leads to an agreement on the condition of service between employer and employee is termed

A. Salary negotiation
B. Arbitration
C. Collective bargaining
D. Conciliation
E. Reconciliation

Question 14:

• WAEC 1996

Diminishing return occurs in short run when there is a reduction in the

A. Average product of the fixed factor
B. Total product of the variable factor
C. Total product of the fixed factor
D. Marginal product of the variable factor
E. Marginal product of the fixed factor

Question 15:

• WAEC 1996

In production, factory buildings are regarded as

A. Variable cost
B. Average costs
C. Marginal costs
D. Total cost
E. Fixed costs