Waec Economics Past Questions and Answers

Question 1271:

• WAEC 2012

Given the demand function Qd = 20 - ^1/₂P. What is Qd when P is $12?

A. 6 units
B. 10 nits
C. 12 units
D. 14 units

Question 1272:

• WAEC 2012

If a particular consumer derives total utility of 22 utils having consumed 4 units of a given product, his average utility will be

A. 88 utils
B. 18 utils
C. 5.5 utils
D. 3.5 utils

Question 1273:

• 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 1274:

• 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 1275:

• 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