WAEC Economics questions

367 questions with answers and explanations. Tap an option to check yourself.

All JAMB WAEC

Question 341· Theory of production· WAEC
Diminishing returns set in when a producer
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Answer: D. keeps adding units of a variable factor to a fixed factor
Explanation and discussion
Question 342· Theory of production· WAEC
Internal economies of scale include
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Answer: D. bulk buying discounts
Explanation and discussion
Question 343· Theory of production· WAEC
Average product is
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Answer: C. total product divided by units of the variable factor
Explanation and discussion
Question 344· Theory of production· WAEC
Division of labour means
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Answer: A. breaking production into stages with workers specialising
Explanation and discussion
Question 345· Theory of production· WAEC
The law of diminishing returns applies when
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Answer: C. more of a variable factor is added to a fixed factor
Explanation and discussion
Question 346· Theory of production· WAEC
Total output with 1, 2 and 3 workers is 10, 24 and 33 units. Find the marginal product of the third worker.
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Answer: C. 9
Explanation and discussion
Question 347· Theory of production· WAEC
Division of labour is limited by the
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Answer: C. size of the market
Explanation and discussion
Question 348· Theory of production· WAEC
When marginal product is zero, total product is
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Answer: C. at its maximum
Explanation and discussion
Question 349· Theory of production· WAEC
Which of these activities is part of production in economics?
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Answer: D. transporting yams from the farm to the market
Explanation and discussion
Question 350· Theory of production· WAEC
A farmer keeps adding workers to the same one-hectare plot until each extra worker adds less to output than the one before. This shows the law of
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Answer: B. diminishing returns
Explanation and discussion
Question 351· Theory of production· WAEC
Three workers produce 33 units. What is the average product?
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Answer: B. 11
Explanation and discussion
Question 352· Theory of supply· WAEC
Which pair shows joint supply?
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Answer: A. beef and hides
Explanation and discussion
Question 353· Theory of supply· WAEC
An increase in the cost of fertiliser will shift the supply curve of maize
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Answer: A. to the left
Explanation and discussion
Question 354· Theory of supply· WAEC
The law of supply states that, other things being equal,
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Answer: B. more is supplied at higher prices
Explanation and discussion
Question 355· Theory of supply· WAEC
When more cattle are slaughtered for beef, more hides become available. Beef and hides are in
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Answer: B. joint supply
Explanation and discussion
Question 356· Theory of supply· WAEC
Supply of agricultural products is often inelastic in the short run because
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Answer: A. it takes time to grow more crops
Explanation and discussion
Question 357· Theory of supply· WAEC
A movement along a supply curve is caused by a change in
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Answer: D. the price of the good itself
Explanation and discussion
Question 358· Theory of supply· WAEC
An increase in the cost of raw materials will cause the supply curve of a product to
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Answer: B. shift to the left
Explanation and discussion
Question 359· Theory of supply· WAEC
An increase in the price of fertiliser will
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Answer: B. shift the supply curve of maize to the left
Explanation and discussion
Question 360· Theory of supply· WAEC
Joint supply occurs when
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Answer: A. producing one good automatically produces another
Explanation and discussion

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WAEC Economics questions

Diminishing returns set in when a producer

Internal economies of scale include

Average product is

Division of labour means

The law of diminishing returns applies when

Total output with 1, 2 and 3 workers is 10, 24 and 33 units. Find the marginal product of the third worker.

Division of labour is limited by the

When marginal product is zero, total product is

Which of these activities is part of production in economics?

A farmer keeps adding workers to the same one-hectare plot until each extra worker adds less to output than the one before. This shows the law of

Three workers produce 33 units. What is the average product?

Which pair shows joint supply?

An increase in the cost of fertiliser will shift the supply curve of maize

The law of supply states that, other things being equal,

When more cattle are slaughtered for beef, more hides become available. Beef and hides are in

Supply of agricultural products is often inelastic in the short run because

A movement along a supply curve is caused by a change in

An increase in the cost of raw materials will cause the supply curve of a product to

An increase in the price of fertiliser will

Joint supply occurs when