by Sunday | Aug 2 | Economics WAEC
A. 10 percent B. 20 percent C. 30 percent D. 40 percent Correct Answer: Option D – 40 percent
by Sunday | Aug 2 | Economics WAEC
A. the equilibrium price and quantity will increase B. only the price will increase C. only the quantity will increase D. the price will remain constant Correct Answer: Option B – only the price will increase
by Sunday | Aug 2 | Economics WAEC
A. 20 and 80 B. 30 and 120 C. 40 and 60 D. 60 and 240 Correct Answer: Option A – 20 and 80
by Sunday | Aug 2 | Economics WAEC
A. rises as its price rises B. falls as its price rises C. rises as its price falls D. is perfectly inelastic Correct Answer: Option A – rises as its price rises Explanation: An inferior good is an economic term that describes a good whose demand drops when...
by Sunday | Aug 2 | Economics WAEC
A. overhead cost B. fixed cost C. marginal cost D. average variable cost Correct Answer: Option D – average variable cost
by Sunday | Aug 2 | Economics WAEC
A. labour to output B. man-hours to output C. output to man-hours D. average product to man-hours Correct Answer: Option C – output to man-hours