WAEC Economics Past Questions & Answers - Page 265

1,321.

If successive unit of labour are added to a piece of land while capital and technology remains constant, a point will be reached in the level of production when each additional unit of labour will add less to the output than previous units. This concept is known as

A.

Productivity of labour

B.

Law of diminishing marginal utility

C.

Law of diminishing returns

D.

Law of diminishing returns of a variable factor

E.

Internal economies of sales

Correct answer is C

No explanation has been provided for this answer.

1,322.

Risk bearing and managerial control are the main function of the

A.

Managing director

B.

Manager

C.

Entrepreneur

D.

Chief executive

E.

Chief accountant

Correct answer is C

No explanation has been provided for this answer.

1,323.

The difference between the number of immigrants and emigrants is

A.

Internal mobility

B.

Internal migration

C.

Net migration

D.

Marginal migration

E.

External migration

Correct answer is C

No explanation has been provided for this answer.

1,324.

Foreign exchange control in Nigeria is enforced by the

A.

Commercial banks

B.

Merchant banks

C.

Mortgage banks

D.

Central banks

E.

Agricultural development banks

Correct answer is D

No explanation has been provided for this answer.

1,325.

Petro-chemicals industries are located in River State of Nigeria due to the presence of

A.

A favourable climate

B.

Coal deposits

C.

Oil palm products

D.

An undullating terrain

E.

Oil deposits

Correct answer is E

No explanation has been provided for this answer.