Waec Economics Past Questions and Answers

Question 651:

• WAEC 2001

(a) Explain the concept of diminishing marginal utility.
(b) How is utility maximized?

Question 652:

• WAEC 2001

What are the instruments used by the Central Bank to control the supply of money in any economy?

Question 653:

• WAEC 2001

Distinguish between:
(a) Fixed Cost and Variable Cost;
(b) Marginal Cost and Marginal Revenue;
(c) Total Cost and Total Revenue;
(d) Average Cost and Average Revenue

Question 654:

• WAEC 2001

(a) Define labour as a factor of production.
(b) Explain five characteristics of labour.

Question 655:

• WAEC 2001

What factors determine the size of a firm?