Waec Economics 2011 Past Questions and Answers

Question 11:

• WAEC 2011

if the current price of an apple is twice that of last year, it implies that the value of money is

A. Stable
B. Falling
C. Rising
D. Getting stronger

Question 12:

• WAEC 2011

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

Question 13:

• WAEC 2011

A consumer purchasing a commodity X will maximize his satisfaction if

A. Px = MUx
B. Px ≥ MUx
C. Px > MUx
D. Px < MUx

Question 14:

• WAEC 2011

When total utility is constant, it means marginal utility is

A. Increasing
B. Zero
C. Decreasing
D. One

Question 15:

• WAEC 2011

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