Economics 2020 Waec Past Questions and Answers

Question 26 :

• WAEC 2020

If the average fixed cost (AFC) of producing 5 bags of rice is $20.00, the average fixed cost of producing 10 bags will be ____________

A. $2.00
B. $4.00
C. $10.00
D. $20.00

Question 27 :

• WAEC 2020

The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows

Output (units)	50	60	70	80	90
Total revenue (TR) $	85	102	119	136	153

What is the unit price of the firm's output

A. $10.00
B. $2.70
C. $2.00
D. $1.70

Question 28 :

• WAEC 2020

The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows

Output (units)	50	60	70	80	90
Total revenue (TR) $	85	102	119	136	153

What is the firm's marginal revenue?

A. $153.00
B. $17.00
C. $1.70
D. $O.80

Question 29 :

• WAEC 2020

The location of iron and steel industry at a place is due to ____________

A. Easy access to raw materials
B. Access to cheap labour
C. Government policy
D. Good infrastructure

Question 30 :

• WAEC 2020

Import substitution as a strategy of industrialization is the ____________

A. Replacement of locally produced goods with imported ones
B. Development of locally produced goods with imported ones
C. Establishment of firms to process imported raw materials
D. Act of using local inputs to produce goods for export