Waec Economics 2009 Past Questions and Answers

Question 26:

• WAEC 2009

What accounts for the ‘U-shaped’ of the short run average cost (AC) curve?

A. The law of variable proportions
B. Increasing returns to scale
C. Decreasing use of inputs
D. Change output during the production period

Question 27:

• WAEC 2009

which of these is true of a perfect competitor?

A. P = AR < MR
B. P > AR = MR
C. P = MR < AR
D. P = AR = MR

Question 28:

• WAEC 2009

One advantage of a sole proprietor is that

A. It can be managed without conflicts
B. The sole proprietor raises money from the public
C. It makes an increase in the volume of business possible
D. There is no limit to the number pf people who may bring in capital

Question 29:

• WAEC 2009

which of the following is a condition necessary for a perfect market?

A. The goods are heterogenous
B. There is preferential treatment
C. There is a large number of buyers and sellers
D. Buyers and sellers are easily influenced

Question 30:

• WAEC 2009

A market in which a single price obtains for a product is known as

A. A product market
B. A capital price market
C. An imperfect market
D. A perfect market