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Economics 2001 WAEC Past Questions

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11
Performance of one task in a production process is known as
  • A. specialization
  • B. standardization
  • C. division of labour
  • D. segmentation
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12
The cost incurred by using both fixed and variable factors in production is called
  • A. marginal cost
  • B. fixed cost
  • C. total cost
  • D. average cost
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13
Consumer buy more of a commodity at a lower price than at a higher price because
  • A. productions like to produce more
  • B. in a given situation people like to buy more
  • C. consumers like to show off
  • D. with the same amount of money they will be able to buy more
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14
The demand for a commodity not directly for immediate consumption but for the production of another commodity is
  • A. competitive demand
  • B. derived demand
  • C. composite demand
  • D. joint demand
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15
Which of the following is a luxury item?
  • A. Petrol
  • B. Textbook
  • C. Pencil
  • D. Gold
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