by Sunday | Jan 2 | Economics WAEC
A. opportunity cost of goods consumed B. incomes of consumers in order of size C. utilities enjoyed by consumers D. consumer’s wants in order of priority Correct Answer: Option D – consumer’s wants in order of priority Explanation Scale of preference...
by Sunday | Jan 2 | Economics WAEC
A. monetary policy B. export policy C. fiscal policy D. import policy Correct Answer: Option A – monetary policy Explanation Monetary policy refers to the policy taken by the Central Bank to control and regulate the supply of money with the public (economy)....
by Sunday | Jan 2 | Economics WAEC
A. price ceiling B. price mechanism C. price control D. price floor Correct Answer: Option D – price floor Explanation Minimum price is often called price floor and it is fixed by the government to protect the producer or seller. Minimum price is set above the...
by Sunday | Jan 2 | Economics WAEC
A. marginal revenue curve is above the average revenue curve B. marginal cost curve cuts the marginal revenue curve from below C. firm must show that it is profitable D. marginal cost must be equal to average revenue Correct Answer: Option B – marginal cost...
by Sunday | Apr 20 | Economics WAEC
A. mining sector B. traditional sector C. agricultural sector D. secondary sector Correct Answer: Option C = agricultural sector Explanation Renewable resources refer to those resources that can renew themselves in time. They include living resources like forests or...
by Sunday | Apr 20 | Economics WAEC
A. communities fight over ownership B. they are not renewed C. they are neglected D. the supply is fixed in the long-run Correct Answer: Option C = they are neglected
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