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Economics 1998 WAEC Past Questions

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11
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
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12
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
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13
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
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14
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
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15
which of the following is not a type of industry?
  • A. export
  • B. construction
  • C. Mining
  • D. Manufacturing
  • E. Transport
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