Waec Economics 2015 Past Questions and Answers

Question 16:

• WAEC 2015

which of the following will not affect the market price of a commodity

A. Increase in demand
B. Change in taste
C. Intersection of demand and supply
D. Increase in supply

Question 17:

• WAEC 2015

All the following are methods of determing prices except?

A. Maximum pricing
B. Rationing
C. Minimum pricing
D. Auctioning

Question 18:

• WAEC 2015

The law of diminishing marginal returns relate to?

A. Total utility
B. Average utility
C. Total product
D. Marginal utility

Question 19:

• WAEC 2015

Total cost is obtain by?

A. Adding up the marginal cost at each level
B. Dividing the total cost of output at each level
C. Adding up the average variable cost at each level
D. Adding up the total variable cost and total fixed cost

Question 20:

• WAEC 2015

By adding all the marginal products at each level of employment of the variable input, we obtain a value equal to

A. Average product
B. Total product
C. Average variable cost
D. Total cost