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Economics 2002 WAEC Past Questions

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11
Economist speaks about ‘opportunity cost’ when a consumer
  • A. he has the change to minimize cost
  • B. has to forgo one thing in order to have another
  • C. can equate his fix costs with his variable costs
  • D. is able to save part of his income
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12
The cost which firm will incur whether it is in production or not, is referred to as
  • A. average cost
  • B. variable cost
  • C. opportunity cost
  • D. fixed cost
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13
The location of timber and plywood industries in West Africa is mainly influenced by the availability of
  • A. transport
  • B. water
  • C. raw materials
  • D. labour supply
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14
The main objective of setting up private businesses is to
  • A. protect the interest of the government
  • B. maximize profits
  • C. provide infrastructure
  • D. promote exports
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15
small firms are important for the development of a country because
  • A. the prices of their products are usually high
  • B. they render personalized services to the consumers
  • C. they usually produce goods for the elites
  • D. they do not normally provide after sales services
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