Waec Economics Past Questions and Answers

Question 436:

• WAEC 1998

Total cost is the addition of

A. Real cost and money cost
B. Price and taxes
C. Fixed cost and variable cost
D. Average cost and marginal cost
E. Cost of raw materials and wages

Question 437:

• WAEC 1998

Total cost is the addition of

A. Real cost and money cost
B. Price and taxes
C. Fixed cost and variable cost
D. Average cost and marginal cost
E. Cost of raw materials and wages

Question 438:

• WAEC 1998

external economies refer to the

A. Cost-saving advantage a firm enjoys when by being close to other firm in the same industry
B. Disadvantage to a firm that is close to other firms
C. Economies of large scale production
D. Economies of low scale production
E. Artificial scarcity of goods

Question 439:

• WAEC 1998

To the economist, efficiency of resource use means

A. The maximum use of resource to achieve minimum objectives
B. The reduction of cost for adequate output
C. Realting value of input to that of output
D. Using appropriate resources for desired wants
E. Maximizing output from a given amount of resource

Question 440:

• WAEC 1998

The shape of the average cost (AC) shows that as production increases

A. Total cost decreases
B. Average cost decreases and then increases
C. Average cost increaeses
D. Marginal cost steadily increase
E. Total cost remains constant