2009 - WAEC Economics Past Questions and Answers - page 3
21
who among the following is the intermediary between the producer and the retailer?
A
agent
B
wholesaler
C
consumer
D
distributor
correct option: b
Users' Answers & Comments22
which of the following sector is most capital intensive?
A
insurance
B
petroleum
C
commerce
D
tourism
correct option: b
Users' Answers & Comments23
A society that operates below the production possibility curve is using its productive resources
A
optimally
B
efficiently
C
inefficiently
D
maximally
correct option: c
Users' Answers & Comments24
labour can be efficient when there are
A
adequate tools to work with
B
high level of employment
C
limited vacancies
D
government restrictions
correct option: a
Users' Answers & Comments25
What accounts for the ‘U-shaped’ of the short run average cost (AC) curve?
A
the law of variable proportions
B
increasing returns to scale
C
decreasing use of inputs
D
change output during the production period
correct option: a
Users' Answers & Comments26
which of these is true of a perfect competitor?
A
P = AR < MR
B
P > AR = MR
C
P = MR < AR
D
P = AR = MR
correct option: d
Users' Answers & Comments27
One advantage of a sole proprietor is that
A
it can be managed without conflicts
B
the sole proprietor raises money from the public
C
it makes an increase in the volume of business possible
D
there is no limit to the number pf people who may bring in capital
correct option: a
Users' Answers & Comments28
which of the following is a condition necessary for a perfect market?
A
the goods are heterogenous
B
there is preferential treatment
C
there is a large number of buyers and sellers
D
buyers and sellers are easily influenced
correct option: c
Users' Answers & Comments29
A market in which a single price obtains for a product is known as
A
a product market
B
a capital price market
C
an imperfect market
D
a perfect market
correct option: d
Users' Answers & Comments30
what is the effect of pursuit of higher education on the size of labour force?
A
it makes labour force to be defective
B
it brings higher wage rate
C
it increases the size of labour force
D
it reduces the size of labour force
correct option: d
Users' Answers & Comments