Waec Economics Past Questions and Answers

Question 786:

• WAEC 2004

As a firm expand s , it enjoys some advantages called

A. Variable proportion
B. Diminishing marginal returns
C. Internal economies of scales
D. Decreasing returns to scale

Question 787:

• WAEC 2004

division of labour is limited by

A. The size of the market
B. The productivity of capital
C. Cost of production
D. The factors of production

Question 788:

• WAEC 2004

An entrepreneur is likely to make more profits when

A. Expenditure is more than revenue
B. Competitors charge lower prices
C. Costs per unit output falls
D. Quantity of output reduces

Question 789:

• WAEC 2004

Natural growth rate is

A. Birth rate less death rate
B. Death rate less migration
C. Death rate plus birth rate
D. Birth rate plus migration

Question 790:

• WAEC 2004

A major effect of ageing population is

A. Reduced labour force
B. Rise in price of commodities
C. Reduced infrastructures
D. Neglect of agriculture