1998 - WAEC Economics Past Questions and Answers - page 2
11
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
correct option: a
Users' Answers & Comments12
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
correct option: e
Users' Answers & Comments13
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
correct option: b
Users' Answers & Comments14
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
correct option: e
Users' Answers & Comments15
which of the following is not a type of industry?
A
export
B
construction
C
Mining
D
Manufacturing
correct option: a
Users' Answers & Comments16
In a joint-stock company the shareholders are the
A
owners
B
managers
C
chief executives
D
company advisers
correct option: a
Users' Answers & Comments17
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
correct option: e
Users' Answers & Comments18
An appropriate industrialization strategy in an under-populated country is
A
import substitution
B
capital intensive
C
the contract method
D
the use of foreigners in the factories
correct option: b
Users' Answers & Comments19
The power of trade union may be weakened when there is
A
optimum population
B
a weak government in power
C
over population
D
a civilian government in power
correct option: c
Users' Answers & Comments20
Malthus' contention is that
A
population increase in arithmetic progression while food production increased in geometric progresion
B
population increased in geometric progression whil food production increased in arithmetic progression
C
population and food growth rate will, in future, be at par
D
nations have to get enough manpower to cultivate available land for food
correct option: b
Users' Answers & Comments