Waec Economics 2018 Past Questions and Answers

Question 16:

• WAEC 2018

A market is in equilibrium when?

A. There is no government intervention
B. The demand is the same as the supply
C. Buyers and sellers are free to sell more goods
D. There is no free entry and exit

Question 17:

• WAEC 2018

a firm average cost decreases in the longrun because?

A. Increasing returns to scale
B. Diminishing average returns
C. Decreasing marginal returns
D. Decreasing average fixed cost

Question 18:

• WAEC 2018

the larger a firm, the lower its cost of production

this statement explains the?

A. Law of diminishing marginal returns
B. Concept of economies of scale
C. Law of comparative cost advantage
D. Theory of division of labour

Question 19:

• WAEC 2018

in the the longrun, a firm must shut down if its average revenue is?

A. Greater than average cost
B. Less than average variable cost
C. Equal to the minimum average cost
D. Equal to the average cost

Question 20:

• WAEC 2018

public limited liability companies are democratic in nature because?

A. Government appointees are members of the board
B. They are run by elected public officers
C. Electoral principles are adopted in the day-to-day management
D. Shareholders elect the board of directors