Waec Economics Past Questions and Answers

Question 61:

• WAEC 1989

Mobility of labour is not affected by

A. The optimum size of population
B. Marriage and family
C. The regulation of trade unions
D. The period of training
E. Culture and religious beliefs

Question 62:

• WAEC 1989

Given that fixed cost is N500.00, variable cost N1,500.00 and output is 50 units, what will be the average cost of producing one unit?

A. N2,000.00
B. N60.00
C. N50.00
D. N40.00
E. N30.00

Question 63:

• WAEC 1989

Which of the following is regarded as fixed cost?

A. Cost of raw material
B. Cost of fuel
C. Cost of light
D. Rent on land
E. Labour wages

Question 64:

• WAEC 1989

which of the following reasons explains the upward sloping of supply curve in a competitive market?

A. Ceteris paribus, marginal cost increase as output increases
B. As new firms enter the market, factor price moves up
C. Firms are in business to satisfy consumers
D. Marginal cost often increases in a competitive market
E. Firms are in business to produce goods

Question 65:

• WAEC 1989

A firm is said to be a Public Joint-Stock Company when it

A. Is owned by the government
B. Operates as a public corporation
C. Is a limited liability company
D. Sells its shares to memebers of the public
E. Is administered by the public