Economics WAEC - Page 80 of 319

If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be?

A. greater than the equilibrium supply B. smaller than the equilibrium supply C. the same as the equilibrium supply D. a determinant of the market forces of equilibrium Correct Answer: Option B – smaller than the equilibrium...

If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the?

by Sunday | Aug 6 | Economics WAEC

A. marginal revenue of the enterprise B. marginal revenue product of labour in the enterprise C. average revenue of the enterprise D. marginal cost of production Correct Answer: Option B – marginal revenue product of labour in the...

If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output produced must be?

by Sunday | Aug 6 | Economics WAEC

A. less than zero B. decreasing C. constant D. increasing Correct Answer: Option B – decreasing

A firm faces diminishing returns when its?

by Sunday | Aug 6 | Economics WAEC

A. total output diminishes B. average output diminishes C. marginal output diminishes D. marginal revenue diminishes Correct Answer: Option C – marginal output diminishes

In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its?

by Sunday | Aug 6 | Economics WAEC

A. lowest point B. middle point C. maximum point D. downward slopping section Correct Answer: Option A – lowest point

If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be?

by Sunday | Aug 6 | Economics WAEC

A. 6.00 tonnes B. 5.68 tonnes C. 0.60 ton D. 0.57 ton Correct Answer: Option B – 5.68 tonnes

If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be?

If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the?

If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output produced must be?

A firm faces diminishing returns when its?

In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its?

If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be?

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