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Economics 2015 WAEC Past Questions

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16

All the following are methods of determing prices except?

  • A. maximum pricing
  • B. rationing
  • C. minimum pricing
  • D. auctioning
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17

The law of diminishing marginal returns relate to?

  • A. total utility
  • B. average utility
  • C. total product
  • D. marginal utility
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18

Total cost is obtain by?

  • A. adding up the marginal cost at each level
  • B. dividing the total cost of output at each level
  • C. adding up the average variable cost at each level
  • D. adding up the total variable cost and total fixed cost
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19

By adding all the marginal products at each level of employment of the variable input, we obtain a value equal to 

  • A. average product
  • B. total product
  • C. average variable cost
  • D. total cost
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20

which of the following curves is not U shaped

  • A. marginal cost curve
  • B. average fixed cost curve
  • C. average total cost curve
  • D. average variable cost
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