Waec Economics Past Questions and Answers

Question 1396:

• WAEC 2014

The rate of increase in utility is

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

Question 1397:

• WAEC 2014

The supply of tea is linearly presented as p = 0 . 2Q, where P is the price and Q is the quantity. What is P when Q = 25?

A. $ 0.08
B. $ 5.00
C. $ 25.02
D. $ 125

Question 1398:

• WAEC 2014

Increase in supply due to changes in plant size will take place only in the

A. Normal time
B. Long run
C. Market period
D. Short run

Question 1399:

• WAEC 2014

The long - run average cost curve is made up of several short-run

A. Marginal and average cost curves
B. Average cost curves
C. Average variable cost curves
D. Average variable and total cost curves

Question 1400:

• WAEC 2014

Co-operative societies formed to market the output of their members are called

A. Consumers' co-operative societies
B. Marketing co-operative societies
C. Credit and thrift co-operative societies
D. Producers' co-operative societies