2011 - WAEC Economics Past Questions and Answers - page 2

11
price fixed above the equilibrium is to
A
protect agricultural producers
B
discourage agricultural producers
C
lower the price of agricultural producers
D
favour consumers
correct option: a
Users' Answers & Comments
12
A consumer purchasing a commodity X will maximize his satisfaction if
A
Px = MUx
B
Px ≥ MUx
C
Px > MUx
D
Px < MUx
correct option: a
Users' Answers & Comments
13
When total utility is constant, it means marginal utility is
A
increasing
B
zero
C
decreasing
D
one
correct option: b
Users' Answers & Comments
14
A rational consumer is one who
A
spends his income to maximize satisfaction
B
is not influenced by advertisemment
C
behaves in a particular way all the time
D
knows the price of all goods and buys the cheapest
correct option: a
Users' Answers & Comments
15
which of the following is not true about land?
A
the supply is fixed
B
land is mobile
C
it is subject to diminishing returns
D
land is heterogeneous
correct option: b
Users' Answers & Comments
16
The type of production that involve the tapping and harnessing of natural resources is
A
primary production
B
secondary production
C
tertiary production
D
industrial production
correct option: a
Users' Answers & Comments
17
which of the following does not change in the short run?
A
Variable cost
B
marginal cost
C
total cost
D
fixed cost
correct option: d
Users' Answers & Comments
18
the resource used in production are called
A
variable inputs
B
factors of production
C
capital for production
D
fixed inputs
correct option: b
Users' Answers & Comments
19
a firm will shut down in the long run if its earning is
A
less than normal profit
B
greater than normal profit
C
equal to super normal profit
D
less than super normal profit
correct option: a
Users' Answers & Comments
20
a market structure where profit is maximized when marginal revenue, marginal cost and price are equal is known as
A
perfect competition
B
monopoly
C
oligopoly
D
imperfect competition
correct option: a
Users' Answers & Comments
Please share this, thanks: