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1626
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
View Answer & Discuss WAEC 1993
1627
Robert T. Malthus postulated in his population theory that
  • A. the death rate may become so high that people may not survive
  • B. people will eventually stop having children
  • C. people will migrate from one place to another in search of food
  • D. posititve efforts should be made to increase population
  • E. population growth rate may out-grow the means of subsistence
View Answer & Discuss (1) WAEC 1993
1628
Division of labour may be restricted when
  • A. an ailing economy has improved
  • B. producers live in villages
  • C. market is small
  • D. there is full employment
  • E. there is inflation
View Answer & Discuss WAEC 1993
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1629
Land is often distinguished as a factor of production because it
  • A. is a free gift of nature
  • B. constitutes one-third of the entire world
  • C. is unlimited in supply
  • D. is owned by individuals
  • E. is owned by government
View Answer & Discuss WAEC 1993
1630
which of the following is an advantage of division of labour? It
  • A. saves time
  • B. make possible the sue of machine
  • C. is monotonous
  • D. leads to specialization
  • E. aids the development of skills
View Answer & Discuss (4) WAEC 1993
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