Waec Economics Past Questions and Answers

Question 1506:

• WAEC 2016

The necessary condition for a firm to be in equilibrium is that marginal revenue is

A. Greater than marginal
B. Equal to marginal
C. Less than average revenue
D. Equal to average

Question 1507:

• WAEC 2016

At which stage of production should a firm shut down? when

A. AVC=ATC
B. AVC
C. AVC>price
D. AVC=MC

Question 1508:

• WAEC 2016

Charging different prices for the same commodity is a feature of a

A. Perfect competition
B. Commodity market
C. Monopolistic competition
D. Monopoly market

Question 1509:

• WAEC 2016

In a partnership, the conduct of members is guided by

A. A memorandum of understanding
B. The article of partnership
C. An article of association
D. A partnership constitution

Question 1510:

• WAEC 2016

Indigenization policy is a measure aimed at

A. Privating the existing business owned by the state
B. Commercializing state owned businesses
C. Reducing foreign economic domination
D. Making the indegenes managing directors of businesses