2003 - WAEC Economics Past Questions and Answers - page 2
11
The additional satisfaction derived from the consumption of one or more unit of a good is called
A
marginal products
B
marginal utility
C
marginal revenue
D
marginal cost
correct option: b
Users' Answers & Comments12
when the total products is at its maximum marginal products is
A
increasing
B
positive
C
negative
D
zero
correct option: d
Users' Answers & Comments13
Marginal cost can be derived from the
A
total product
B
total revenue
C
total cost
D
average fixed cost
correct option: c
Users' Answers & Comments14
The market supply curve slopes upwards from left to right indicating that
A
at a lower price more is supplied
B
two commodities can be supplied at the same time
C
at a lower price, less is supplied
D
producers pay high taxes
correct option: c
Users' Answers & Comments15
The term underpopulation refers to a situation where the population is
A
disperesed over the country
B
small in relation to available resources
C
greater than the available resources
D
concentrated in a few areas
correct option: b
Users' Answers & Comments16
West African countries experience rapid population growth due to
A
existence of birth control clinics
B
early marriages
C
adequate sex education in schools
D
late marriages
correct option: b
Users' Answers & Comments17
which of the following could be used to measure the efficiency of labour?
A
education and training
B
rate of inflation
C
level of unemployment
D
input-output ratio
correct option: d
Users' Answers & Comments18
which of the following is necessary for the survival of small firms in West Africa?
A
acess to loand for development
B
inadequate collaterals for bank loans
C
government assistants in form of loans and tax holidays
D
high transportation cost
correct option: c
Users' Answers & Comments19
A normal demand curve slopes
A
downward from left to right
B
upwards from left to right
C
downwards from right to left
D
upwards from the origin
correct option: a
Users' Answers & Comments20
If the quantity demanded of a commodity increases from 20 to 30 units where there is an increase in price from 4naira to 5 naira, the elasticity of demand is
A
0.0
B
1
C
2
D
5
correct option: c
Users' Answers & Comments