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Economics Past Questions

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1806
The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be
  • A. an excess demand
  • B. an excess supply
  • C. a surplus in the market
  • D. many sellers in the market
  • E. no seller in the market
View Answer & Discuss WAEC 1998
1807
The introduction of division of labour in a firm will lead to?
  • A. a fall in output
  • B. a decline in the efficiency of labour
  • C. an increase output
  • D. the separation of ownership from management
  • E. an increase in unit cost
View Answer & Discuss WAEC 1998
1808
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
View Answer & Discuss WAEC 1998
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1809
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
View Answer & Discuss WAEC 1998
1810
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
View Answer & Discuss WAEC 1998
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