NECO Economics · Production, firms and markets
Theory of cost and revenue: NECO Economics Past Questions and Answers
What the WAEC syllabus covers in Theory of cost and revenue
Our summary: The different measures of a firm's costs and revenue, and how economists and accountants see cost differently.
- Cost concepts: total cost, average cost, marginal cost, variable cost, fixed cost; short run and long run costs
- Distinction between economist's and accountant's view of cost (opportunity cost and money cost)
- Revenue concepts: total, average and marginal revenue; marginal revenue product
Syllabus content © The West African Examinations Council (WASSCE (harmonised West African syllabus)). NECO questions are matched to the WAEC syllabus topic.
NECO Economics questions on Theory of cost and revenue
- NECO 2005A major characteristics of a firm operating at a long-run equilibrium position is that
- NECO 2004To an individual, the term cost will include expenditure on the following EXCEPT
- NECO 2003The professional that view cost in term of alternatives sacrificed is the
- NECO 2003Averages cost (AC) equal to
- NECO 2003Abdul is faced with a choice between buying a new NOTE book and a pen with N10. Since the N10 can NOT give him both items he decide to buy NOTE book. The money…
- NECO 2003Total revenue can be obtained by multiplying
- NECO 2002Tc/Q =
- NECO 2002In production, total cost comprises of
Years with Theory of cost and revenue questions in DeeepSolve's question bank
From the past questions DeeepSolve holds, not a count of everything the exam body has set.
- 2005
- 2004
- 2003
- 2002