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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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806
Revenue is the
  • A. total profit made after sales
  • B. amount spent on purchase
  • C. amount of goods produced
  • D. total money realized from sales
View Answer & Discuss WAEC 2007
807
Given that TR is total revenue, then TRn -TR (n-1) can be used to find the
  • A. marginal revenue
  • B. marginal cost
  • C. average cost
  • D. average revenue
View Answer & Discuss (2) WAEC 2007
808
The lower the price of a commodity, the greater the quantity demanded. This is based on the assumption that the consumers’
  • A. income is diminished
  • B. income remains the same
  • C. utility is diminished
  • D. population is high
View Answer & Discuss WAEC 2007
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809

The demand for beans in bags is given by the function Q - 36 + 0.4P = 0.

Where P is price in naira and Q is quantity.

Find Q when P = 20 naira.

  • A. 12 bags
  • B. 24 bags
  • C. 28 bags
  • D. 30 bags
View Answer & Discuss (5) WAEC 2007
810
If the price of goods X rises and the quantity demanded of goods Y increases then the two goods X and Y must be
  • A. inferior goods
  • B. substitutes
  • C. complements
  • D. free goods
View Answer & Discuss WAEC 2007
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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