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Economics Past Questions and Answers

Waec Economics Questions

Question 1446:

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

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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

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Question 1447:

which of the following will not affect the market price of a commodity

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A Increase in demand
B Change in taste
C Intersection of demand and supply
D Increase in supply

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Question 1448:

All the following are methods of determing prices except?

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A Maximum pricing
B Rationing
C Minimum pricing
D Auctioning

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Question 1449:

The law of diminishing marginal returns relate to?

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

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Question 1450:

Total cost is obtain by?

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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

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