Waec Economics Past Questions and Answers

Question 246:

• WAEC 1993

A nation with a working population that is insufficient to exploit its resources is said to be

A. Over-populated
B. Under-populated
C. Experiencing decrease population
D. Experiencing increasing population
E. Having optimum population

Question 247:

• WAEC 1993

Which of the following may not be included in explaining the term production?

A. Provision of services
B. Manufacture of goods
C. Changing raw materials ti finishing goods
D. Use of consumer goods
E. Making goods available where and when they are needed

Question 248:

• WAEC 1993

which of the following business establishment are not motivated mainly by profit?

A. Public Limited Companies
B. Private Limited Companies
C. Holding companies
D. Patnershps
E. Co-operatives

Question 249:

• WAEC 1993

Production is not complete until the

A. Goods gets to the wholesaler
B. Goods reached the final consumer
C. Factors of production are combined
D. Goods are ready for transportation
E. Wholesalers ask the firms to produce

Question 250:

• WAEC 1993

which of the following is the correct way to calculate total cost?

A. Addition of fixed cost to variable cost
B. Division of total cost by total output
C. Multiplication of fixed cost by the variable cost
D. Subtraction of fixed cost from total cost
E. Addition of marginal cost to average cost