Economics Past Questions And Answers
Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit. Find the average total cost of producing one units?
- A. N 60
- B. N 45
- C. N 35
- D. N 30
A firm’s declining long run average cost curve over some ranges of output can be explained by
- A) Increasing costs
- B) Diminishing returns
- C) Increasing returns to scale
- D) Decreasing returns to scale
The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be
- A. excess demand
- B. excess supply
- C. shortage in the market
- D. many buyers in the market
The production strategy used in an over-populated country is
- A. import substitution
- B. capital intensive
- C. labour intensive
- D. first come first employed
(a) Define maximum price legislation.
(b) Explain any three reasons for fixing price floors on agricultural produce.
(c) Outline any three effects of price ceiling.
View Discussion (0)WAEC 2018 THEORYProductivity , 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
If the active population is 50 million and unemployed is 5 million what is the unemployment rate?
- A. 10%
- B. 45%
- C. 55%
- D. 90%
Land is often different from other factors of production because it
- A. is a free gift of nature
- B. constitutes one-third of the entire world
- C. has different grades
- D. is owned bt individuals
To perform its function as a store of wealth and standard for deferred payment, money must be
- A. portable
- B. in attractive form
- C. stable in value
- D. spent more on capital goods than on consumer goods
The movement of labour from one grade to an entirely different grade is an example of?
- A. industrial labour mobility
- B. horizontal occupational mobility
- C. vertical occupational mobility
- D. geographical mobility