Waec Economics 2012 Past Questions and Answers

Question 6:

• WAEC 2012

A condition for consumer utility maximization is

A. Equality of the ratio of marginal utilities and the ratio of prices
B. Equality of the ratio of average utilities and the ratio of prices
C. Equality of the marginal utility to total utility ratio for both commodities
D. Total utility and marginal utility must be zero

Question 7:

• WAEC 2012

Which of the following best describes the mode? the

A. Observation with the highest frequency
B. Average of two middle numbers
C. Item that occupies the middle position
D. Difference of two extreme values

Question 8:

• WAEC 2012

Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be

A. Unitary elastic
B. Price inelastic
C. Fairly elatic
D. Income inelastic

Question 9:

• WAEC 2012

A demand schedule shows the quantities of goods that are

A. Bought at given price at a time
B. Supplied at given prices at a time
C. Produced at given prices at a time
D. Reserved for future consumption

Question 10:

• WAEC 2012

The demand curve for a commodity is downward sloping because the consumer will pay

A. Less as the marginal utility falls
B. More as the marginal utility falls
C. Less as the total utility falls
D. More as the average utility falls