Economics 2021 Waec Past Questions and Answers

Question 1 :

• WAEC 2021

A firm incurred the following costs in production. Use the information in the table to answer the question below.

Output(bags of rice	0	10	20	30	40	50	60
Total Cost ($)	100	200	300	380	440	520	600

The average cost of producing 40 bags of rice is ____________

A. $10
B. $11
C. $60.
D. $80

Question 2 :

• WAEC 2021

The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve ____________

A. Is above the average revenue curve
B. Slopes down to the right and is below the AR curve.
C. And the AR curve are downward sloping and are identical.
D. Is vertical while the average revenue curve is horizontal.

Question 3 :

• WAEC 2021

A major source of finance to the Railway Corporation in West African countries is ____________

A. Sale of shares
B. Government subvention
C. Trade credit
D. Surplus

Question 4 :

• WAEC 2021

Separation of ownership of resources and their control is mostly found in a ____________

A. Sole proprietorship
B. Partnership
C. Joint stock company
D. Consumer co-operative

Question 5 :

• WAEC 2021

By passing the middlemen in the chain of distribution can lead to ____________

A. A problem of unemployment of labour
B. The creation of artificial scarcity
C. High prices of goods and services
D. An increase in government tax revenue