Waec Economics Past Questions and Answers

Question 481:

• WAEC 1999

Productivity , per worker, is best measured by

A. Total output less number of workers
B. Total output multiplied by number of workers
C. Number of workers less total output
D. Total output didvided by number of workers

Question 482:

• WAEC 1999

In determining cost economics considers

A. Implicit cost only
B. Explicit cost only
C. Implicit and explicit costs
D. Explicit cost less implicit

Question 483:

• WAEC 1999

The precautionary motive for holding money is to enable the holder to

A. Buy stocks when interest are high
B. Overcome unforseesn contigencies
C. Buy goods and services on daily basis
D. Buy fixed assets

Question 484:

• WAEC 1999

In long run, all factors inputs are

A. Variable
B. Diminishing
C. Constant
D. Fixed

Question 485:

• WAEC 1999

The benefits that result from concentrating similar firms in an area is referred to as

A. External diseconomies of scales
B. Internal diseconomies of scales
C. Internal economies of scales
D. External economies of scales