Waec Economics 2009 Past Questions and Answers

Question 21:

• WAEC 2009

The relationship between Marginal Product (MP) and Average Product (AP) is such that they are equal when

A. Average product is maximum
B. Average product is minimum
C. Marginal Product is maximum
D. Marginal Product is increasing

Question 22:

• WAEC 2009

who among the following is the intermediary between the producer and the retailer?

A. Agent
B. Wholesaler
C. Consumer
D. Distributor

Question 23:

• WAEC 2009

which of the following sector is most capital intensive?

A. Insurance
B. Petroleum
C. Commerce
D. Tourism

Question 24:

• WAEC 2009

A society that operates below the production possibility curve is using its productive resources

A. Optimally
B. Efficiently
C. Inefficiently
D. Maximally

Question 25:

• WAEC 2009

labour can be efficient when there are

A. Adequate tools to work with
B. High level of employment
C. Limited vacancies
D. Government restrictions