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2431

A rational consumer is one who

  • A. spends his income to maximize satisfaction
  • B. is not influenced by advertisemment
  • C. behaves in a particular way all the time
  • D. knows the price of all goods and buys the cheapest
View Answer & Discuss WAEC 2011
2432

which of the following is not true about land?

  • A. the supply is fixed
  • B. land is mobile
  • C. it is subject to diminishing returns
  • D. land is heterogeneous
View Answer & Discuss WAEC 2011
2433

The type of production that involve the tapping and harnessing of natural resources is

  • A. primary production
  • B. secondary production
  • C. tertiary production
  • D. industrial production
View Answer & Discuss (1) WAEC 2011
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2434

which of the following does not change in the short run?

  • A. Variable cost
  • B. marginal cost
  • C. total cost
  • D. fixed cost
View Answer & Discuss WAEC 2011
2435

The resource used in production are called

  • A. variable inputs
  • B. factors of production
  • C. capital for production
  • D. fixed inputs
View Answer & Discuss WAEC 2011
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