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Economics 2012 WAEC Past Questions

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16

why is the law of diminishing returns a short run phenomenon?

  • A. all inputs are fixed
  • B. all inputs are variable
  • C. some outputs are variable
  • D. some inputs are variable
View Answer & Discuss WAEC 2012
17

Which of the following is capable of increasing the population of a country?

  • A. increase in birth rate
  • B. increase in death rate
  • C. poor medical facilities
  • D. decrease in birth rate
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18

In the firm's production process, marginal cost

  • A. falls continuously throughout
  • B. falls and later rises
  • C. remains unchanged throughout
  • D. rises and later falls
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19
If a firm's price is less than average cost but more than part of variable cost, the firm is covering
  • A. all of its fixed cost and variable cost
  • B. all of its fixed cost and part of variable cost
  • C. all of its variable cost and part of fixed cost
  • D. part of its fixed cost and part of varible cost
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20

An arrangement in which the debts of a company can only be paid from its own assets implies

  • A. unlimited liability
  • B. transferred liability
  • C. limited liability
  • D. capital liability
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