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Economics WAEC Past Questions

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306
Decreasing returns to scale implies ta if all factors of production are doubled, output will be
  • A. More than doubled
  • B. Less than doubled
  • C. Doubled
  • D. Unchanged
  • E. Trebled
View Answer & Discuss WAEC 1996
307
Rents and interest are rewards to
  • A. Labour and capital respectively
  • B. Land only
  • C. Capital only
  • D. Labour and land respectively
  • E. Land and capital respectively
View Answer & Discuss WAEC 1996
308
The process that leads to an agreement on the condition of service between employer and employee is termed
  • A. Salary negotiation
  • B. Arbitration
  • C. Collective bargaining
  • D. Conciliation
  • E. Reconciliation
View Answer & Discuss WAEC 1996
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309
Diminishing return occurs in short run when there is a reduction in the
  • A. Average product of the fixed factor
  • B. Total product of the variable factor
  • C. Total product of the fixed factor
  • D. Marginal product of the variable factor
  • E. Marginal product of the fixed factor
View Answer & Discuss WAEC 1996
310
In production, factory buildings are regarded as
  • A. Variable cost
  • B. Average costs
  • C. Marginal costs
  • D. Total cost
  • E. Fixed costs
View Answer & Discuss WAEC 1996
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