Waec Economics Past Questions and Answers

Question 306:

• WAEC 1994

The difference between the number of immigrants and emigrants is

A. Internal mobility
B. Internal migration
C. Net migration
D. Marginal migration
E. External migration

Question 307:

• WAEC 1994

Risk bearing and managerial control are the main function of the

A. Managing director
B. Manager
C. Entrepreneur
D. Chief excecutive
E. Chief accountant

Question 308:

• WAEC 1994

If successive unit of labour are added to a piece of land while capital and technology remains constant, a point will be reached in the level of production when each additional unit of labour will add less to the output than previous units. This concept is known as

A. Productivity of labour
B. Law of diminishing marginal utility
C. Law of diminishing returns
D. Law of diminishing returns of a variable factor
E. Internal economies of sales

Question 309:

• WAEC 1994

When a firm's total revenue is at the maximum , marginal revenue is

A. At the maximum
B. Negative
C. Zero
D. Positive
E. Constant

Question 310:

• WAEC 1994

Under normal circumstances, a producer will bear the entire burden of taxation on his output if the

A. Supply of his goods is more elastic than the demand
B. Demand for his products is completely elastic
C. Production of his commodity is subject to diminishing returns
D. Demand for his products is more elastic than the supply
E. Demand for his products is completely elastic