Waec Economics Past Questions and Answers

Question 726:

• WAEC 2003

Division of labour leads to

A. Improved craftsmanship
B. The production of standardized goods
C. Increase in the cost of goods
D. Trade by barter

Question 727:

• WAEC 2003

which of the following is an advantage of localization of industry?

A. Development of subsidiary firms
B. Creation of paralell markets
C. Developments of slums
D. Attraction of foreign capitals

Question 728:

• WAEC 2003

The additional satisfaction derived from the consumption of one or more unit of a good is called

A. Marginal products
B. Marginal utility
C. Marginal revenue
D. Marginal cost

Question 729:

• WAEC 2003

when the total products is at its maximum marginal products is

A. Increasing
B. Positive
C. Negative
D. Zero

Question 730:

• WAEC 2003

Marginal cost can be derived from the

A. Total product
B. Total revenue
C. Total cost
D. Average fixed cost