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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
1811
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
View Answer & Discuss WAEC 1998
1812
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
View Answer & Discuss WAEC 1998
1813
one of the advantages of localization of industry is that firms
  • A. make abnormal profits
  • B. are given tax holidays
  • C. are unified under one management
  • D. pay high wages
  • E. can have a large pool of skilled labours
View Answer & Discuss WAEC 1998
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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1814
which of the following is not a type of industry?
  • A. export
  • B. construction
  • C. Mining
  • D. Manufacturing
  • E. Transport
View Answer & Discuss WAEC 1998
1815
In a joint-stock company the shareholders are the
  • A. owners
  • B. managers
  • C. chief executives
  • D. company advisers
  • E. day-to-day decision makers
View Answer & Discuss WAEC 1998
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