Waec Economics Past Questions and Answers

Question 1681:

• WAEC 1996

Rents and interest are rewards to

A. Labour and capital respectively
B. Land only
C. Capital only
D. Labour and land respectively
E. Land and capital respectively

Question 1682:

• WAEC 1996

The process that leads to an agreement on the condition of service between employer and employee is termed

A. Salary negotiation
B. Arbitration
C. Collective bargaining
D. Conciliation
E. Reconciliation

Question 1683:

• WAEC 1996

Diminishing return occurs in short run when there is a reduction in the

A. Average product of the fixed factor
B. Total product of the variable factor
C. Total product of the fixed factor
D. Marginal product of the variable factor
E. Marginal product of the fixed factor

Question 1684:

• WAEC 1996

In production, factory buildings are regarded as

A. Variable cost
B. Average costs
C. Marginal costs
D. Total cost
E. Fixed costs

Question 1685:

• WAEC 1996

The Ownership of a Public Limited Company is made up of

A. Two to twenty persons
B. A minimum of seven shareholders
C. A minimum of fifty and maximum of one hundred shareholders
D. Two to fifty shareholders
E. A maximum of fifty shareholders