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Economics WAEC Past Questions

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566

Which of the following is an advantage of division of labour?

  • A. production of specialized goods
  • B. employment of experts
  • C. monotony of work
  • D. Greater use of machinery
View Answer & Discuss (3) WAEC 2002
567
Despite the benefits large firms enjoy, it could be limited by the
  • A. a desire to make maximum profit
  • B. introduction of efficient transport system
  • C. growth of specialization
  • D. extent of the market
View Answer & Discuss WAEC 2002
568
Localization of industry refers to the
  • A. conentration of the firms of an industry in a particular area
  • B. siting of industries in rural areas
  • C. even spread of industries
  • D. governement policy of influencing
View Answer & Discuss WAEC 2002
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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569
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
View Answer & Discuss WAEC 2002
570
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
View Answer & Discuss WAEC 2002
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