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Economics WAEC Past Questions

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1006

which of the following is not true about land?

  • A. the supply is fixed
  • B. land is mobile
  • C. it is subject to diminishing returns
  • D. land is heterogeneous
View Answer & Discuss WAEC 2011
1007

The type of production that involve the tapping and harnessing of natural resources is

  • A. primary production
  • B. secondary production
  • C. tertiary production
  • D. industrial production
View Answer & Discuss (1) WAEC 2011
1008

which of the following does not change in the short run?

  • A. Variable cost
  • B. marginal cost
  • C. total cost
  • D. fixed cost
View Answer & Discuss WAEC 2011
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1009

The resource used in production are called

  • A. variable inputs
  • B. factors of production
  • C. capital for production
  • D. fixed inputs
View Answer & Discuss WAEC 2011
1010

A firm will shut down in the long run if its earning is

  • A. less than normal profit
  • B. greater than normal profit
  • C. equal to super normal profit
  • D. less than super normal profit
View Answer & Discuss WAEC 2011
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