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Economics Past Questions and Answers

Waec Economics Questions

Question 1616:

if the marginal utility of a commodity is equal to its price then

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A The consumer is in equilibrium
B More of the commodity can be consumed
C Total utility is also equal to its price
D The market is not in equilibrium

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Question 1617:

A price floor is usually fixed

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A At the equilibrium and causes shortage
B Above the equilibrium and causes shortage
C Below the equilibrium and causes shortage
D Above the equilibrium and causes surplus

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Question 1618:

A market is in equilibrium when?

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A There is no government intervention
B The demand is the same as the supply
C Buyers and sellers are free to sell more goods
D There is no free entry and exit

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Question 1619:

a firm average cost decreases in the longrun because?

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A Increasing returns to scale
B Diminishing average returns
C Decreasing marginal returns
D Decreasing average fixed cost

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Question 1620:

the larger a firm, the lower its cost of production

this statement explains the?

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A Law of diminishing marginal returns
B Concept of economies of scale
C Law of comparative cost advantage
D Theory of division of labour

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