Economics Past Questions

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1761

which of the following has a derived demand?

A. labour
B. butter
C. television set
D. breads
E. motor cars

View Answer & Discuss WAEC 1997

1762

In Economics production is complete when

A. Goods are manufactured in the factories
B. are sold to the final consumer
C. goods and services are distributed by the government
D. producers fixed the price of goods produced
E. goods and services gets to the retailer

View Answer & Discuss WAEC 1997

1763

Goods are said to be in competitive demand when they

A. Are substitutes
B. Are complementary to each other
C. Are jointly demanded
D. Have equal coefficient of elasticity
E. Are identical

View Answer & Discuss WAEC 1997

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1764

The formula for calculating price elasticity of demand coefficient is

A. Percentage change in price/percentage change in quantity demanded
B. Absolute decline in price/absolute increase in quantity demanded
C. Percentage change in quantity demanded/percentage change in price
D. Absolute decline in quantity demanded/absolute increase in price
E. Change in quantity demanded/decrease in price

View Answer & Discuss WAEC 1997

1765

when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product's

A. demand is elastic
B. demand is inelastic
C. demand is perfectly inelastic
D. supply is not elastic
E. demand has decline

View Answer & Discuss (4) WAEC 1997

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