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Economics 2014 WAEC Past Questions

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36

Which of the following statements is correct?

  • A. As total utility increases, the marginal utility also increases
  • B. The marginal utility is a always zero whenever the total utility reaches the maximum
  • C. The total utility is at maximum whenever marginal utility is at it's maximum
  • D. There is no relationship between total utility and the marginal utility
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37

A change in the quantity demanded of a given commodity is determined by the

  • A. size of the population
  • B. income of the consumer
  • C. price of the commodity
  • D. taste and fashion
View Answer & Discuss (4) WAEC 2014
38

The likely implication of the devaluation of a country's currency is that

  • A. exports of such a country become cheaper
  • B. importation of goods into such a country becomes cheaper
  • C. the value of such a country's currency rises
  • D. foreign goods are attracted into the country
View Answer & Discuss WAEC 2014
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39

International trade is desirable because it

  • A. may lead to overproduction
  • B. brings about over-dependence of countries on one another
  • C. provides foreign market for local goods
  • D. brings about unhealthy competition and rivalries
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40

A financial institution established for the purpose of providing specialzed services like acceptance of bills of exchange and equipment leasing is known as

  • A. Merchant Bank
  • B. Development Bank
  • C. Central Bank
  • D. Insurance Company
View Answer & Discuss (5) WAEC 2014
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