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Economics WAEC Past Questions

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use the table to answer the following question
quantity total cost
0 20
1 25
2 28
3 30
4 38
5 55
6 92
7 135

 

1276

at output level 5, the total variable cost is?

  • A. $5.00
  • B. $20,00
  • C. $55.00
  • D. $35.00
View Answer & Discuss WAEC 2018
1277

Economics is regarded as a science because?

  • A. its issues can be easily verified by reference to facts
  • B. it adopts scientific methods in making its analysis
  • C. its issues are relevant for national development
  • D. its subject matter studies human behaviour
View Answer & Discuss (3) WAEC 2017
1278

the opportunity cost of a worker going to the university  is

  • A. tuition, fees and books
  • B. boarding and lodging
  • C. the wages given up to attend the university
  • D. transportation and entertainment
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1279

which of the following items is not an example of circulating capital

  • A. raw material
  • B. money
  • C. fuel
  • D. machinery
View Answer & Discuss WAEC 2017
1280

in a market economy, the problem of what goods to produced is solved primarily by

  • A. directives of the government
  • B. the pattern of consumers spending
  • C. producers of consumer goods
  • D. people producing what they want
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