Waec Economics Past Questions and Answers

Question 1216:

• WAEC 2011

A rational consumer is one who

A. Spends his income to maximize satisfaction
B. Is not influenced by advertisemment
C. Behaves in a particular way all the time
D. Knows the price of all goods and buys the cheapest

Question 1217:

• WAEC 2011

which of the following is not true about land?

A. The supply is fixed
B. Land is mobile
C. It is subject to diminishing returns
D. Land is heterogeneous

Question 1218:

• WAEC 2011

The type of production that involve the tapping and harnessing of natural resources is

A. Primary production
B. Secondary production
C. Tertiary production
D. Industrial production

Question 1219:

• WAEC 2011

which of the following does not change in the short run?

A. Variable cost
B. Marginal cost
C. Total cost
D. Fixed cost

Question 1220:

• WAEC 2011

The resource used in production are called

A. Variable inputs
B. Factors of production
C. Capital for production
D. Fixed inputs