Waec Economics 2003 Past Questions and Answers

Question 11:

• WAEC 2003

which of the following is an advantage of localization of industry?

A. Development of subsidiary firms
B. Creation of paralell markets
C. Developments of slums
D. Attraction of foreign capitals

Question 12:

• WAEC 2003

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

Question 13:

• WAEC 2003

when the total products is at its maximum marginal products is

A. Increasing
B. Positive
C. Negative
D. Zero

Question 14:

• WAEC 2003

Marginal cost can be derived from the

A. Total product
B. Total revenue
C. Total cost
D. Average fixed cost

Question 15:

• WAEC 2003

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