Waec Economics Past Questions and Answers

Question 1151:

• WAEC 2010

Equilibrium price is the price at which quantity

A. Demand greater than quantity supplied
B. Supplied is greater than quantity demanded
C. Demand is equal to quantity supplied
D. Supplied equals quantity produced

Question 1152:

• WAEC 2010

A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to

A. Be unchanged
B. Remain elastic
C. Remain inelastic
D. Rise

Question 1153:

• WAEC 2010

At the highest level of total utility, marginal utility is

A. Negative
B. Positive and falling
C. Positive and rising
D. Zero

Question 1154:

• WAEC 2010

The law of diminishing marginal utility state that, the more a commodity is consumed the

A. Higher the satisfaction derived from an additional unit
B. Higher the price to be paid
C. Lower the quantity supplied
D. Lower the rate of increase in the total utility derived

Question 1155:

• WAEC 2010

Greater inter-dependence among workers in production is associated with

A. Utility
B. Manufacturing
C. Division of labour
D. Factory workers