Waec Economics 2013 Past Questions and Answers

Question 41:

• WAEC 2013

Given that Qd = 80 - 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is $3?

A. 86 units
B. 80 units
C. 76 units
D. 74 units

Question 42:

• WAEC 2013

The main advantage of large scale production is that

A. Unit cost of production falls
B. Decision -making is quick
C. Worker-managemnet relationship is improved
D. The quality of the product increases

Question 43:

• WAEC 2013

Which of the following items is not included in measuring national income by the income approach?

A. Profits of companies
B. Rents on property
C. Student's grants and scholarships
D. Wages and salaries of public servants

Question 44:

• WAEC 2013

Gold, diamond, iron ore and limestone are collectively referred to as

A. Human resources
B. Mineral resources
C. Artificial resources
D. Forest resources

Question 45:

• WAEC 2013

Points outside a production possibility curve indicate

A. Unattainable production levels
B. Attainable production levels
C. Inefficient, but attainable production levels
D. Optimum production levels