by Sunday | Apr 20 | Economics WAEC
A. techniques of production can easily be changed B. all factors of production are vaiable C. at least a factor is fixed while others are variable D. variable factors cannot be changed Correct Answer: Option C = at least a factor is fixed while others are variable...
by Sunday | Apr 20 | Economics WAEC
A. Shortage occurs B. Surplus occurs C. market maintains its equilibrium D. Many firms will close down Correct Answer: Option B = Surplus occurs Explanation A minimum price is when the government doesn’t allow prices to go below a certain level. At this point,...
by Sunday | Apr 18 | Economics WAEC
A. a shortage B. a surplus. C. unemployment D. inflation Correct Answer: Option B = a surplus. Explanation If the price of a good is above equilibrium, this means that the quantity of the good supplied exceeds the quantity of the good demanded. There is a surplus of...
by Sunday | Apr 18 | Economics WAEC
Units of quantity consumed Total utility Marginal utility 0 – – 1 10 10 2 15 5 3 17 2 4 18 1 5 18 0 A. diminishing returns B. diminishing marginal productivity C. diminishing marginal utility D. variable proportion Correct Answer: Option C = diminishing...
by Sunday | Apr 18 | Economics WAEC
A. X is a by-product of Y B. X and Y are produced by the same firm C. increase in the quantity of X leads to a decrease in Y D. X and Y cannot be produced in the same process Correct Answer: Option B = X and Y are produced by the same...
by Sunday | Apr 18 | Economics WAEC
A. intermediate period B. long-run C. market period D. short-run Correct Answer: Option B = long-run Explanation The elasticity of supply measures how changes in prices would affect supply. The supply of agricultural products is most likely to be elastic in the long...
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