Waec Economics Past Questions and Answers

Question 1816:

• WAEC 2020

The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows

Output (units)	50	60	70	80	90
Total revenue (TR) $	85	102	119	136	153

What is the firm's marginal revenue?

A. $153.00
B. $17.00
C. $1.70
D. $O.80

Question 1817:

• WAEC 2020

The location of iron and steel industry at a place is due to ____________

A. Easy access to raw materials
B. Access to cheap labour
C. Government policy
D. Good infrastructure

Question 1818:

• WAEC 2020

Import substitution as a strategy of industrialization is the ____________

A. Replacement of locally produced goods with imported ones
B. Development of locally produced goods with imported ones
C. Establishment of firms to process imported raw materials
D. Act of using local inputs to produce goods for export

Question 1819:

• WAEC 2020

Which of the following are intermediate products?

A. Cement and steel
B. Furniture and shirt
C. Handkerchief and shoe
D. Table and door

Question 1820:

• WAEC 2020

How is NNP at factor cost derived from GNP at market prices?

A. GNP - Depreciation + Indirect taxes + Subsidies
B. GNP Depreciation -
Indirect taxes + Subsidies
C. GNP + Depreciation
Indirect taxes - Subsidies
D. GNP+
Depreciation- Indirect taxes + Subsidies