Waec Economics 2011 Past Questions and Answers

Question 16:

• WAEC 2011

which of the following is not true about land?

A. The supply is fixed
B. Land is mobile
C. It is subject to diminishing returns
D. Land is heterogeneous

Question 17:

• WAEC 2011

The type of production that involve the tapping and harnessing of natural resources is

A. Primary production
B. Secondary production
C. Tertiary production
D. Industrial production

Question 18:

• WAEC 2011

which of the following does not change in the short run?

A. Variable cost
B. Marginal cost
C. Total cost
D. Fixed cost

Question 19:

• WAEC 2011

The resource used in production are called

A. Variable inputs
B. Factors of production
C. Capital for production
D. Fixed inputs

Question 20:

• WAEC 2011

A firm will shut down in the long run if its earning is

A. Less than normal profit
B. Greater than normal profit
C. Equal to super normal profit
D. Less than super normal profit