Economics 2021 Waec Past Questions and Answers

Question 21 :

• WAEC 2021

When market supply increases , the equilibrium price _______________

A. Rises and quantity falls.
B. Falls and quantity rises.
C. And quantity increase
D. And quantity fall.

Question 22 :

• WAEC 2021

The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

A. $1.50
B. $15.00
C. $150.03
D. $166.67

Question 23 :

• WAEC 2021

The output of an extra unit of an input is referred to as ______________

A. Output of the input.
B. Marginal product of the input
C. Average product of the input
D. Utility of the input employed

Question 24 :

• WAEC 2021

The law of diminishing returns is applicable to the ________________

A. Fixed inputs of production.
B. Variable factors of production.
C. Plants and machinery of the firm.
D. Equipment and other capital.

Question 25 :

• 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 fixed cost of production is ____________

A. $100.
B. $200.
C. $300.
D. $600