ECONS 101

REVISION QUESTIONS

Hey Readers, Thank God Its Friday Again!!!!... It's always the Feeling of Friday, The Feeling of Now i can Relax, so before we do, lets revise some questions in the spirit of Holiday. We are continuing the Revision of Questions of WAEC, JAMB, GCE etc. So Let's get Started....

13. If a Particular Consumer derives Total Utility of 22Utils having Consumed 4 units of a given product, his average Utility will be

a. 88 Utils

b. 18 Utils

c. 5.5 Utils

d. 3.5 Utils.

14. The Law of Diminishing Marginal Utility applies to a

a. Firm which Minimizes Cost

b. Consumer who Maximises Satisfaction

c. Producer who Maximises Marginal Product

d. Consumer who Minimises Total Utility.

15. Why is the Law of Diminishing Returns a short run Phenomenon?

a. All Inputs are Fixed

b. All Inputs are Variable

c. Some Outputs are Variable

d. Some Inputs are Variable.

16. Which of the Following is Capable of Increasing the Population of a Country?

a. Decrease in Death Rate

b. Increase in Death Rate

c. Poor Medical Facilities

d. Decrease in Birth Rate.

17. In the Firm's Production Process, Marginal Cost

a. Falls Continuously Throughout

b. Falls and Later Rises

c. Remains Unchanged Throughout

d. Rises and Later Falls.

18. If a Firm's Price is less than Average Cost but more than Average Variable Cost, the Firm is Covering

a. All of its Fixed Cost and Variable Cost

b. All of its Fixed Cost and Part of Variable Cost

c. All of its Variable Cost and Part of Fixed Cost

d. Part of its Fixed Cost and Part of Variable Cost.

19. An Arrangement in which the Debts of a Company can only be paid from its Own Assets implies

a. Unlimited Liability

b. Transferred Liability

c. Limited Liability

d. Capital Liability.

20. One Reason why Small Scale Businesses are very Common in West Africa is that

a. They can easily Float Shares

b. Their Management Boards are easily formed

c.  Their Initial Capital is easy to raise

d. Their Dividend Payments are very regular.

21. A Public Limited Company could finance its operations through

a. Government Taxes

b. Equity Shares

c. Dividend Payments

d. Import Duties.

22. The Factor of Production which takes the Initiative in combining Resources for Production is known as ?

a. Natural Monopoly

b. State Monopoly

c. Legal Monopoly

d. Discriminating Monopoly.

23. Which of the Following Markets determines its own price or output?

a. Perfect Market

b. Common Market

c. Monopoly Market

d. Commodity Market.

24. Which of the Following is a Function of a Retailer?

a. Banking Service

b. Hoarding Service

c. Storage Service

d. Sales Service.

NOTE:  THE QUESTIONS IN THIS POST WERE CULLED FROM WEST AFRICA EXAM COUNCIL 2012 PAPERS.. THANKS

This brings us to the end of today's session. Hope this was very helpful to you, leave a comment of what you think of this tutorial and Pls try to attempt the Questions on your own. Have a Blessed Day and Remember You are Amazing. God Bless.