Waec Economics 2012 Past Questions and Answers

Question 16:

• WAEC 2012

The law of diminishing marginal utility applies to a

A. Firm which minimizes cost
B. Consumer who maximizes satisfaction
C. Producer who maximizes marginal product
D. Consumer who minimizes total utility

Question 17:

• WAEC 2012

why is the law of diminishing returns a short run phenomenon?

A. All inputs are fixed
B. All inputs are variable
C. Some outputs are variable
D. Some inputs are variable

Question 18:

• WAEC 2012

Which of the following is capable of increasing the population of a country?

A. Increase in birth rate
B. Increase in death rate
C. Poor medical facilities
D. Decrease in birth rate

Question 19:

• WAEC 2012

In the firm's production process, marginal cost

A. Falls continuously throughout
B. Falls and later rises
C. Remains unchanged throughout
D. Rises and later falls

Question 20:

• WAEC 2012

If a firm's price is less than average cost but more than part of variable cost, the firm is covering

A. All of its fixed cost and variable cost
B. All of its fixed cost and part of variable cost
C. All of its variable cost and part of fixed cost
D. Part of its fixed cost and part of varible cost