Waec Economics 2010 Past Questions and Answers

Question 11:

• WAEC 2010

A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to

A. Be unchanged
B. Remain elastic
C. Remain inelastic
D. Rise

Question 12:

• WAEC 2010

At the highest level of total utility, marginal utility is

A. Negative
B. Positive and falling
C. Positive and rising
D. Zero

Question 13:

• WAEC 2010

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

Question 14:

• WAEC 2010

Greater inter-dependence among workers in production is associated with

A. Utility
B. Manufacturing
C. Division of labour
D. Factory workers

Question 15:

• WAEC 2010

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