Waec Economics Past Questions For Year 2009
Question 21
A consumer maximizes his utility in consuming a good 'X' when
- A. Mux = Px
- B. Px > Mux
- C. price is falling
- D. Mux > Px
Question 22
Government fixing of prices below the equilibrium point is aimed at protecting the
- A. sellers
- B. industries
- C. distributors
- D. consumers
Question 23
One advantage of a sole proprietor is that
- A. it can be managed without conflicts
- B. the sole proprietor raises money from the public
- C. it makes an increase in the volume of business possible
- D. there is no limit to the number pf people who may bring in capital
Question 24
which of these is true of a perfect competitor?
- A. P = AR < MR
- B. P > AR = MR
- C. P = MR < AR
- D. P = AR = MR
Question 25
What accounts for the ‘U-shaped’ of the short run average cost (AC) curve?
- A. the law of variable proportions
- B. increasing returns to scale
- C. decreasing use of inputs
- D. change output during the production period
