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Economics WAEC Past Questions

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761
The amount of satisfaction obtained from the consumption of a commodity at a particular time is called
  • A. marginal utility
  • B. diminishing return
  • C. total utility
  • D. average utility
View Answer & Discuss WAEC 2006
762
what are inferior goods? These are goods
  • A. that are generally in short supply
  • B. that are no longer in demand
  • C. whose demand falls as income increase
  • D. whose price falls as demand increases
View Answer & Discuss (1) WAEC 2006
763
In the analysis of utility theory, the basis of demand is
  • A. marginal utility
  • B. average utility
  • C. fixed utility
  • D. diminishing utility
View Answer & Discuss WAEC 2006
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764
In the normal market situation , when the price of a commodity rises the
  • A. demand for the commodity will rise
  • B. demand for the commodity will fall
  • C. supply of the commodity will be constant
  • D. supply of the commodity will fall
View Answer & Discuss (1) WAEC 2006
765
when the quantity of a commodity supplied increases and the quantity demanded decreases , there will be
  • A. a rise in price
  • B. no change in price
  • C. price fluctuation
  • D. a fall in price
View Answer & Discuss WAEC 2006
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