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Economics WAEC Past Questions

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386
The shape of the average cost (AC) shows that as production increases
  • A. total cost decreases
  • B. average cost decreases and then increases
  • C. average cost increaeses
  • D. marginal cost steadily increase
  • E. total cost remains constant
View Answer & Discuss WAEC 1998
387
one of the advantages of localization of industry is that firms
  • A. make abnormal profits
  • B. are given tax holidays
  • C. are unified under one management
  • D. pay high wages
  • E. can have a large pool of skilled labours
View Answer & Discuss WAEC 1998
388
which of the following is not a type of industry?
  • A. export
  • B. construction
  • C. Mining
  • D. Manufacturing
  • E. Transport
View Answer & Discuss WAEC 1998
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389
In a joint-stock company the shareholders are the
  • A. owners
  • B. managers
  • C. chief executives
  • D. company advisers
  • E. day-to-day decision makers
View Answer & Discuss WAEC 1998
390
The distribution of goods by the price system is distorted when
  • A. there is a high degree of competition among producers
  • B. producers and consumers operate freely
  • C. factors of production are mobile
  • D. no aalowance is made for social costs and social benefits
  • E. there is price control measure in the system
View Answer & Discuss WAEC 1998
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