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Economics 1996 WAEC Past Questions

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Post UTME Past Questions Agent
1
The ranking of a consumer’s need in order of importance is termed
  • A. An opportunity cost
  • B. Economies of scale
  • C. A scale of preference
  • D. The making of choice
  • E. Direct production
View Answer & Discuss WAEC 1996
2
If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is
  • A. 0.025
  • B. 0.24
  • C. 0.22
  • D. 0.25
  • E. 0.23
View Answer & Discuss (1) WAEC 1996
3
If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are
  • A. complementary
  • B. in joint demand
  • C. luxuries
  • D. in composite demand
  • E. substitutes
View Answer & Discuss (4) WAEC 1996
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4
MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the
  • A. marginal utility equation
  • B. equation for consumer dis-equulibruim
  • C. utility maximization equation
  • D. equation for total utility
  • E. equation for price elasticity
View Answer & Discuss WAEC 1996
5
Subsistence agriculture means
  • A. cultivation for external use
  • B. cultivation for local industries
  • C. farming for the urban dwellers
  • D. cultivation for household consumption
  • E. cultivation for foreign currency
View Answer & Discuss WAEC 1996
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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