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Economics Past Questions

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4476

The production of rice and yam on the same farmland is an example of

  • A. joint supply
  • B. composite supply
  • C. competitive supply
  • D. market supply
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4477

If the government imposes a minimum price on a commodity

  • A. market surplus occurs
  • B. the market will be cleared in the short-run
  • C. excess demand occurs
  • D. government regulation is no longer needed
View Answer & Discuss (1) WAEC 2022
4478

In manufacturing, division of labour may be hindered by

  • A. excessive demand for the product
  • B. low level of technology
  • C. excess supply of labour
  • D. increase in the export of goods
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4479

The production cost that varies inversely with output is the

  • A. total fixed cost
  • B. marginal cost
  • C. average fixed cost
  • D. average cost
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4480

A firm that closes down will still incur

  • A. variable cost
  • B. fixed cost
  • C. total cost
  • D. marginal cost
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