Waec Economics 1999 Past Questions and Answers

Question 11:

• WAEC 1999

In long run, all factors inputs are

A. Variable
B. Diminishing
C. Constant
D. Fixed

Question 12:

• WAEC 1999

The benefits that result from concentrating similar firms in an area is referred to as

A. External diseconomies of scales
B. Internal diseconomies of scales
C. Internal economies of scales
D. External economies of scales

Question 13:

• WAEC 1999

Per capita income in any West African country is measured by

A. Dividing the GNP by total population
B. Adding the total savings to the GNP
C. Multiplying the GNP by the total population
D. Subtracting the GNP fron the GDP

Question 14:

• WAEC 1999

A priority rating of aggregate individuals wants is called

A. Scarcity
B. Choice
C. A scale of preference
D. Opportunity cost

Question 15:

• WAEC 1999

Profits can be calculated by

A. Subtracting total cost from total revenue
B. Subtracting average revenue from total cost
C. Dividing total revenue from total output
D. Dividing marginal revenue by marginal cost