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Economics 2010 WAEC Past Questions

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11
At the highest level of total utility, marginal utility is
  • A. negative
  • B. positive and falling
  • C. positive and rising
  • D. zero
View Answer & Discuss (1) WAEC 2010
12
The law of diminishing marginal utility state that, the more a commodity is consumed the
  • A. higher the satisfaction derived from an additional unit
  • B. higher the price to be paid
  • C. lower the quantity supplied
  • D. lower the rate of increase in the total utility derived
View Answer & Discuss WAEC 2010
13
Greater inter-dependence among workers in production is associated with
  • A. utility
  • B. manufacturing
  • C. division of labour
  • D. factory workers
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14
If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?
  • A. TC = FC - VC
  • B. FC = TC + VC
  • C. TC > FC + VC
  • D. TC = FC + VC
View Answer & Discuss (1) WAEC 2010
15
The reward to land as a factor of production is
  • A. profit
  • B. rent
  • C. interest
  • D. wage
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