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Economics WAEC Past Questions

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51
Given that fixed cost is N500.00, variable cost N1,500.00 and output is 50 units, what will be the average cost of producing one unit?
  • A. N2,000.00
  • B. N60.00
  • C. N50.00
  • D. N40.00
  • E. N30.00
View Answer & Discuss (1) WAEC 1989
52
Which of the following is regarded as fixed cost?
  • A. cost of raw material
  • B. cost of fuel
  • C. cost of light
  • D. rent on land
  • E. labour wages
View Answer & Discuss WAEC 1989
53
which of the following reasons explains the upward sloping of supply curve in a competitive market?
  • A. Ceteris paribus, marginal cost increase as output increases
  • B. As new firms enter the market, factor price moves up
  • C. Firms are in business to satisfy consumers
  • D. Marginal cost often increases in a competitive market
  • E. Firms are in business to produce goods
View Answer & Discuss WAEC 1989
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54
A firm is said to be a Public Joint-Stock Company when it
  • A. is owned by the government
  • B. operates as a public corporation
  • C. is a limited liability company
  • D. sells its shares to memebers of the public
  • E. is administered by the public
View Answer & Discuss WAEC 1989
55
which of the following factor is not important in deciding the location of an industry?
  • A. the native language of the epople
  • B. availabilty of suitable labour
  • C. Source of cheap power and raw materials
  • D. Proximity to the location of a similar industry
  • E. proximity to the market
View Answer & Discuss WAEC 1989
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts