by Sunday | Jan 7 | Economics WAEC
A. poor education B. lack of skills C. good government planning D. corruption Correct Answer: Option C C. good government planning Explanation Good planning by the government helps to reduce unemployment.
by Sunday | Jan 7 | Economics WAEC
A. Input B. Commodities C. Output D. Factors Correct Answer: Option C C. Output Explanation An isoquant curve is the combination of labour and capital which shows the same output i.e labour and capital = Product.
by Sunday | Jan 7 | Economics WAEC
A. law of returns to scale B. law of diminishing returns C. factors of productions D. technology Correct Answer: Option B B. law of diminishing returns Explanation Law of diminishing returns also known as law of variable proportion is used to determine. The shape of...
by Sunday | Jan 7 | Economics WAEC
A. The consumer is rational B. Diminishing marginal utility C. The concept of money utility D. Consistency and transitivity of choice Correct Answer: Option D D. Consistency and transitivity of choice
by Sunday | Jan 7 | Economics WAEC
A. A straight line B. A right-angled C. L – shaped D. Curvature Correct Answer: Option D D. Curvature Explanation From the diagram, the shape is near the bend i.e Curvature at point A and point B (point of...
by Sunday | Jan 7 | Economics WAEC
A. MC B. AC C. TC D. FC Correct Answer: Option B B. AC Explanation Average cost shows the cost per unit of any chosen output.