2010 - WAEC Economics Past Questions and Answers - page 2
11
At the highest level of total utility, marginal utility is
A
negative
B
positive and falling
C
positive and rising
D
zero
correct option: d
Users' Answers & Comments12
The law of diminishing marginal utility state that, the more a commodity is consumed the
A
higher the satisfaction derived from an additional unit
B
higher the price to be paid
C
lower the quantity supplied
D
lower the rate of increase in the total utility derived
correct option: d
Users' Answers & Comments13
Greater inter-dependence among workers in production is associated with
A
utility
B
manufacturing
C
division of labour
D
factory workers
correct option: c
Users' Answers & Comments14
If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?
A
TC = FC - VC
B
FC = TC + VC
C
TC > FC + VC
D
TC = FC + VC
correct option: d
Users' Answers & Comments15
The reward to land as a factor of production is
A
profit
B
rent
C
interest
D
wage
correct option: b
Users' Answers & Comments16
A firm is said to be a public joint stock company when it
A
is owned by the government
B
sells its shares to members of the public
C
operates as a government corporation
D
is not legally recognized as a firm
correct option: b
Users' Answers & Comments17
All the following are source of finance to a joint stock company except
A
debentures
B
cooperative loans
C
shares
D
bank loans
correct option: b
Users' Answers & Comments18
The public sector of an economy includes
A
cooperative societies
B
nationalized industries
C
joint stock companies
D
pressure groups
correct option: b
Users' Answers & Comments19
One advantage of the Sole Proprietorship over other forms of business organization is that it can
A
make very high profits
B
employ many workers
C
keeps its affair private
D
produce on a very large high scale
correct option: c
Users' Answers & Comments20
Which of the following is obtainable in a perfect market?
A
P = MR > AR
B
MP = MC > P
C
MR < P
D
P = MR = MC
correct option: d
Users' Answers & Comments