Waec Economics Past Questions and Answers

Question 1731:

• WAEC 2019

What happens when a minimum price is imposed in a market?

A. Shortage occurs
B. Surplus occurs
C. Market maintains its equilibrium
D. Many firms will close down

Question 1732:

• WAEC 2019

When an increase in inputs leads to a more than proportionate increase in output, there is _____________

A. Decreasing returns to scale
B. Increase in marginal product
C. Increasing retums to scale
D. Constant retums to scale

Question 1733:

• WAEC 2019

The short-run in production is the time period when

A. Techniques of production can easily be changed
B. All factors of production are vaiable
C. At least a factor is fixed while others are variable
D. Variable factors cannot be changed

Question 1734:

• WAEC 2019

The table below shows the short-run cost of a firm. Use it to answer the question below

Quantity (kg)	Fixed cost ($)	Variable cost ($)	Total cost ($)	Marginal cost ($)	Average cost ($)
1	750	200	950	-	950
2	750	560	1310	360	655
3	750	900	P	Q	550

Calculate the value of Q

A. $350
B. $340
C. $360
D. $370

Question 1735:

• WAEC 2019

A cost of production that is positively related to output is the

A. Total fixed cost
B. Average fioxed cost
C. Variable cost
D. Social cost