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In the analysis of utility theory, the basis of demand is
Amarginal utility
Baverage utility
Cfixed utility
Ddiminishing utility
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Question 482
waec2006
what are inferior goods? These are goods
Athat are generally in short supply
Bthat are no longer in demand
Cwhose demand falls as income increase
Dwhose price falls as demand increases
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Question 483
waec2006
The amount of satisfaction obtained from the consumption of a commodity at a particular time is called
Amarginal utility
Bdiminishing return
Ctotal utility
Daverage utility
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Question 484
waec2006
Standardization of products or services is a feature of
Alarge firms
Bretailer
Csmall firms
Dwholesaler
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Question 485
waec2006
one of the factors affecting geographical distribution of population is
Ahigh birth rate
Bhigh death rate
Cencouragement of early marriage in the rural area
Dclimate conditions of the different parts of the country
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Question 486
waec2006
middlemen in an economy perform the function of
Adistribution
Bexchange
CHoarding
Dprotector
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Question 487
waec2006
A movement along the same demand curve either upwards or downwards as a result of change in price implies
Aa chnage in demand
Ba change in quantity demanded
Can increase in demand
Da shift in the demand curve to the right
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Question 488
waec2006
Distribution of goods and service is hindered by
Agood road network
Befficient storage facilities
Ctoo many middlemen
Dadequate market information
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Question 489
waec2006
If the fixed cost of a firm is 800.00 Naira and it's variable cost is 2,700 Naira while it's total output is 100 units, what is the average cost of the firm?
A25 Naira
B35 Naira
C45 Naira
D50 Naira
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Question 490
waec2006
An owner-manager of a firm can also be called
Aa shareholder
Ban entrepreneur
Can employer
Da chairman
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Question 491
waec2006
mining is an example of
Atertiary production
Bprimary production
Csecondary production
Dadvanced production
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Question 492
waec2006
The reward to capital as a factor of production is
Arent
Bwage
Cinterest
Dcommission
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Question 493
waec2006
which of the following tool of economic analysis is used when data contains more than one category?
ABar charts
Bcomponent bar charts
CGraphs
DSymbolical sratement
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Question 494
waec2006
Most of the problems of economics arises as a result of
Acompeting demand for scarce resources
Bincrease in the demand for more goods and services
Cthe desire of producers to supply more goods and services
Dthe need to reduce the level of poverty
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Question 495
waec2006
The study of economics enables the individuals to
Achange jobs
Bevades taxes
Caccumulate huge wealth
Dmake rational decisions
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Question 496
waec2005
Which of the following is not an objective of the Organization of Petroleum Exporting Countries (OPEC)?
AStabilization of oil prices
BCo-ordinating prices
CCo-ordinating prices
DStagnation of developed economies
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Question 497
waec2005
Economic development is define as
AOutward shift of the production possibility curve
BAvailability of more goods and services
CGrowth accompanied by qualitative change in living standards
DGrowth in the national income
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Question 498
waec2005
In calculating the national income of a country x, the cost of both raw materials and the finished products were included. This is a case of
Adouble counting
Bprice fluctuation
Cprice differentiation
Dprice discrimination
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Question 499
waec2005
An economy which exhibits features of both private and State enterprises is known as
ACapitalist economy
BMixed economy
Ccommunist economy
Dsocialist economy
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Question 500
waec2005
In a capitalist system goods are produced for those who
