Waec Economics Past Questions and Answers

Question 1446:

• WAEC 2015

In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to?

A. Subtract MU from TU
B. Add MU from the various levels
C. Multiply MU by the initial TU
D. Divide current MU by previous MU

Question 1447:

• 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 1448:

• WAEC 2015

All the following are methods of determing prices except?

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

Question 1449:

• WAEC 2015

The law of diminishing marginal returns relate to?

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

Question 1450:

• 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