Waec Economics 2002 Past Questions and Answers

Question 11:

• WAEC 2002

Localization of industry refers to the

A. Conentration of the firms of an industry in a particular area
B. Siting of industries in rural areas
C. Even spread of industries
D. Governement policy of influencing

Question 12:

• WAEC 2002

Economist speaks about ‘opportunity cost’ when a consumer

A. He has the change to minimize cost
B. Has to forgo one thing in order to have another
C. Can equate his fix costs with his variable costs
D. Is able to save part of his income

Question 13:

• WAEC 2002

The cost which firm will incur whether it is in production or not, is referred to as

A. Average cost
B. Variable cost
C. Opportunity cost
D. Fixed cost

Question 14:

• WAEC 2002

The location of timber and plywood industries in West Africa is mainly influenced by the availability of

A. Transport
B. Water
C. Raw materials
D. Labour supply

Question 15:

• WAEC 2002

The main objective of setting up private businesses is to

A. Protect the interest of the government
B. Maximize profits
C. Provide infrastructure
D. Promote exports