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Economics 2007 WAEC Past Questions

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6
a country where labour is not sufficient to make proper use of natural resources is said to have an
  • A. active population
  • B. optimum population
  • C. over-population
  • D. under-population
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7
When population is classified according to professions, it is called
  • A. geographical distribution of population
  • B. age distribution of population
  • C. sex distribution of population
  • D. occupational distribution of population
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8
What must be added to variable cost to give total cost?
  • A. average total cost
  • B. average variable cost
  • C. fixed cost
  • D. marginal cost
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9
Revenue is the
  • A. total profit made after sales
  • B. amount spent on purchase
  • C. amount of goods produced
  • D. total money realized from sales
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10
Given that TR is total revenue, then TRn -TR (n-1) can be used to find the
  • A. marginal revenue
  • B. marginal cost
  • C. average cost
  • D. average revenue
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