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Economics 2003 WAEC Past Questions

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11
The additional satisfaction derived from the consumption of one or more unit of a good is called
  • A. marginal products
  • B. marginal utility
  • C. marginal revenue
  • D. marginal cost
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12
when the total products is at its maximum marginal products is
  • A. increasing
  • B. positive
  • C. negative
  • D. zero
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13
Marginal cost can be derived from the
  • A. total product
  • B. total revenue
  • C. total cost
  • D. average fixed cost
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14
The market supply curve slopes upwards from left to right indicating that
  • A. at a lower price more is supplied
  • B. two commodities can be supplied at the same time
  • C. at a lower price, less is supplied
  • D. producers pay high taxes
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15
The term underpopulation refers to a situation where the population is
  • A. disperesed over the country
  • B. small in relation to available resources
  • C. greater than the available resources
  • D. concentrated in a few areas
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