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Economics 1999 WAEC Past Questions

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11
The benefits that result from concentrating similar firms in an area is referred to as
  • A. external diseconomies of scales
  • B. internal diseconomies of scales
  • C. internal economies of scales
  • D. external economies of scales
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12
Per capita income in any West African country is measured by
  • A. dividing the GNP by total population
  • B. adding the total savings to the GNP
  • C. multiplying the GNP by the total population
  • D. subtracting the GNP fron the GDP
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13
A priority rating of aggregate individuals wants is called
  • A. Scarcity
  • B. choice
  • C. A scale of preference
  • D. opportunity cost
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14
Profits can be calculated by
  • A. subtracting total cost from total revenue
  • B. subtracting average revenue from total cost
  • C. dividing total revenue from total output
  • D. dividing marginal revenue by marginal cost
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15

The marginal revenue curve of a monopolist is

  • A. upward sloping from the right to left
  • B. downward sloping from left to right
  • C. paralell to the quantity axis
  • D. downward sloping from right to left
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