2007 - WAEC Economics Past Questions and Answers - page 1
1
The three principal economic unit in any system are
A
trade, industry and banking
B
workers, consumers and shareholders
C
households, firms and governments
D
comapnies, industry and plants
correct option: c
Users' Answers & Comments2
The satisfaction derived from the use of a commodity is its
A
demand
B
elasticity
C
wealth
D
utility
correct option: d
Users' Answers & Comments3
The reward which accrues to labour for participating in production is
A
interest
B
wage
C
bonus
D
profit
correct option: b
Users' Answers & Comments4
The Malthusian theory of population does not concern itself with
A
growth of food production in arithmetical progression
B
growth of population in geometric progression
C
positive check to population growth
D
development and growth of manpower
correct option: d
Users' Answers & Comments5
one characteristics of labour is that it is
A
fixed in demand
B
fixed in supply
C
mobile
D
untrainable
correct option: c
Users' Answers & Comments6
a country where labour is not sufficient to make proper use of natural resources is said to have an
A
active population
B
optimum population
C
over-population
D
under-population
correct option: d
Users' Answers & Comments7
When population is classified according to professions, it is called
A
geographical distribution of population
B
age distribution of population
C
sex distribution of population
D
occupational distribution of population
correct option: d
Users' Answers & Comments8
What must be added to variable cost to give total cost?
A
average total cost
B
average variable cost
C
fixed cost
D
marginal cost
correct option: c
Users' Answers & Comments9
Revenue is the
A
total profit made after sales
B
amount spent on purchase
C
amount of goods produced
D
total money realized from sales
correct option: d
Users' Answers & Comments10
Given that TR is total revenue, then TRn -TR (n-1) can be used to find the
A
marginal revenue
B
marginal cost
C
average cost
D
average revenue
correct option: a
Users' Answers & Comments