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Economics Past Questions

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2086
An economic goods is described as a good which
  • A. yields utility and commands a price
  • B. is useful and occupies a space
  • C. is in high demand and transferable
  • D. has unlimited supply
View Answer & Discuss WAEC 2004
2087
The concept of opportunity cost is important to the firm because it
  • A. determines the price of the firms products
  • B. increases the level of output of the firm
  • C. leads to maximum satisfaction of the consumers
  • D. guides firms in allocating scarce resources
View Answer & Discuss WAEC 2004
2088
As a firm expand s , it enjoys some advantages called
  • A. variable proportion
  • B. diminishing marginal returns
  • C. internal economies of scales
  • D. decreasing returns to scale
View Answer & Discuss WAEC 2004
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2089
division of labour is limited by
  • A. the size of the market
  • B. the productivity of capital
  • C. cost of production
  • D. the factors of production
View Answer & Discuss WAEC 2004
2090
An entrepreneur is likely to make more profits when
  • A. expenditure is more than revenue
  • B. competitors charge lower prices
  • C. costs per unit output falls
  • D. quantity of output reduces
View Answer & Discuss WAEC 2004
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