WAEC Economics 2018 Objective — Question 31
Question 31 of 50 from the West African Examinations Council (WAEC) Economics 2018 Objective paper, with the correct answer and a full explanation.
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A baker bought flour and other ingredients for $250.00, spent $52.00 on distribution, sold the bread for $320.00. The value added by the baker is
- A. $302.00
- B. $52.00
- C. $18.00Correct
- D. $622.00
Explanation
Value added = selling price − (cost of materials + other costs) = $320 − ($250+$52) = $18.00.
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