Economics 2021 Past Questions | WAEC
16. The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?
- A. $1.50
- B. $15.00
- C. $150.03
- D. $166.67
17. The output of an extra unit of an input is referred to as________
- A. Output of the input.
- B. Marginal product of the input
- C. Average product of the input
- D. Utility of the input employed
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18. The law of diminishing returns is applicable to the__________
- A. fixed inputs of production.
- B. variable factors of production.
- C. plants and machinery of the firm.
- D. equipment and other capital.
A firm incurred the following costs in production. Use the information in the table to answer the question below.
Output | 0 | 10 | 20 | 30 | 40 | 50 | 60 |
Total Cost ($) | 100 | 200 | 300 | 380 | 440 | 520 | 600 |
19. The fixed cost of production is___________
- A. $I00.
- B. $200.
- C. $300.
- D. $600
A firm incurred the following costs in production. Use the information in the table to answer the question below.
Output | 0 | 10 | 20 | 30 | 40 | 50 | 60 |
Total Cost ($) | 100 | 200 | 300 | 380 | 440 | 520 | 600 |
20. The average cost of producing 40 bags of rice is_____
- A. $10
- B. $11
- C. $60.
- D. $80
21. The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve____Â
- A. is above the average revenue curve
- B. slopes down to the right and is below the AR curve.
- C. and the AR curve are downward sloping and are identical.
- D. is vertical while the average revenue curve is horizontal.
22. A major source of finance to the Railway Corporation in West African countries is_______
- A. sale of shares
- B. government subvention
- C. trade credit
- D. surplus
23. Separation of ownership of resources and their control is mostly found in a __________
- A. sole proprietorship
- B. partnership
- C. joint stock company
- D. consumer co-operative
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24. By passing the middlemen in the chain of distribution can lead to _________
- A. a problem of unemployment of labour
- B. the creation of artificial scarcity
- C. high prices of goods and services
- D. an increase in government tax revenue
25. Two factors which can improve the efficiency of labour are_________
- A. population size and age of retirement
- B. school leaving age and number of disabled workers
- C. work environment and health status of workers
- D. school leaving age and number of part-time workers
The age distribution of a country’s population is shown below. Use the information is answer the question below.
Age group (YEARS) | Population |
0 – 15 | 30% |
26. What is the percentage of the working population?
- A. 75%
- B. 60%
- C. 45%
- D. 15%
The age distribution of a country’s population is shown below. Use the information is answer the question below.
Age group (YEARS) | Population |
0 – 15 | 30% |
27. What is the dependency ratio?
- A. 2:3
- B. 3:2
- C. 1:2
- D. 6:1
28. The supply of land for agricultural purposes can be increased through _______
- A. The introduction of mechanized farming
- B. reclamation and irrigation
- C. increase in prices of land
- D. conversion of building sites to farmlands
29. Non-economic factors that influence the location of firms include ________
- A. the existence of required materials for production
- B. availability of population of buyers
- C. adequate supply of power, good road and rail network
- D. the activities of politicians in deciding location of firms
30. Which of the following is not an argument for the policy of privatization in West Africa?
- A. To make businesses more profitable
- B. Government is able to participate and control the operation of the privatized businesses
- C. Members of the public are able to acquire shares
- D. It encourages the inflow of capital and expertise from local and foreign sources