Waec Economics 2017 Past Questions and Answers

Question 16:

• WAEC 2017

parallel markets are usually the results of

A. Excess supply
B. The activities of rich individuals
C. Price legislation
D. Inadequate information

Question 17:

• WAEC 2017

Another term for equilibrium price is?

A. Price floor
B. Demand price
C. Market clearing price
D. Satisfactory price

Question 18:

• WAEC 2017

when a firm is enjoying internal economies of scale, its?

A. Total cost of production is increasing
B. Average fixed cost is rising continuously
C. Average cost of production decreases as output increases
D. Average revenue and marginal revenue are decreasing

Question 19:

• WAEC 2017

The specialization of labour enhances production because people?

A. Can concentrate on all goods
B. Can efficiently produce their own needs
C. Can save time and produce more
D. Become experts in all areas of production

Question 20:

• WAEC 2017

which of the following can be added to a firm's profit to obtain total revenue

A. Total variable cost
B. Total fixed cost
C. Marginal cost
D. Total revenue