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Economics WAEC Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
381
The introduction of division of labour in a firm will lead to?
  • A. a fall in output
  • B. a decline in the efficiency of labour
  • C. an increase output
  • D. the separation of ownership from management
  • E. an increase in unit cost
View Answer & Discuss WAEC 1998
382
Total cost is the addition of
  • A. real cost and money cost
  • B. price and taxes
  • C. fixed cost and variable cost
  • D. average cost and marginal cost
  • E. cost of raw materials and wages
View Answer & Discuss WAEC 1998
383
Total cost is the addition of
  • A. real cost and money cost
  • B. price and taxes
  • C. fixed cost and variable cost
  • D. average cost and marginal cost
  • E. cost of raw materials and wages
View Answer & Discuss WAEC 1998
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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384
external economies refer to the
  • A. cost-saving advantage a firm enjoys when by being close to other firm in the same industry
  • B. disadvantage to a firm that is close to other firms
  • C. economies of large scale production
  • D. economies of low scale production
  • E. artificial scarcity of goods
View Answer & Discuss WAEC 1998
385
To the economist, efficiency of resource use means
  • A. the maximum use of resource to achieve minimum objectives
  • B. the reduction of cost for adequate output
  • C. realting value of input to that of output
  • D. using appropriate resources for desired wants
  • E. maximizing output from a given amount of resource
View Answer & Discuss WAEC 1998
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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