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4816

Land as a factor of production is made useful through the

 

 

  • A. application of human effort
  • B. application of fertilizer
  • C. use of machines
  • D. acts of nature
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4817

An indication that there is inflation in a country is that

 

  • A. there is a decrease in the demand for goods and services
  • B. people prefer to lend than to borrow
  • C. the same amount of money buys lower quantity of goods
  • D. there are too many goods in circulation
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4818

One relationship between marginal utility and total utility is that when total utility is

 

  • A. falling, marginal utility is negative
  • B. maximum, marginal utility is maximum
  • C. rising, marginal utility is rising
  • D. falling, marginal utility is rising
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4819

A firm's average cost decreases in the long-run because of

 

 

  • A. decreasing marginal returns
  • B. diminishing average returns
  • C. increasing returns to scale
  • D. decreasing average fixed cost
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4820

Monopoly can best be described as a market in which

 

 

 

 

  • A. A single seller sells a product which has no close substitute
  • B. The entry of other firms is restricted by the few firms in the market
  • C. Two or more sellers sell a product which is differentiated
  • D. Few sellers sell a product s at different prices
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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