WAEC Past Questions and Answers - Page 3353

16,761.

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 answer is A

No explanation has been provided for this answer.

16,762.

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 answer is A

No explanation has been provided for this answer.

16,763.

A society that operates below the production possibility curve is using its productive resources

A.

Optimally

B.

Efficiently

C.

Inefficiently

D.

Maximally

Correct answer is C

No explanation has been provided for this answer.

16,764.

Which of the following sector is most capital intensive?

A.

Insurance

B.

Petroleum

C.

Commerce

D.

Tourism

Correct answer is B

No explanation has been provided for this answer.

16,765.

Who among the following is the intermediary between the producer and the retailer?

A.

Agent

B.

wholesaler

C.

Consumer

D.

Distributor

Correct answer is B

No explanation has been provided for this answer.