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Economics 2008 WAEC Past Questions

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11

If the co-efficient of elasticity of demand is 1.5, then the demand is

  • A. fairly inelastic
  • B. perfectly elastic
  • C. elastic
  • D. inelastic
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12

Small scale enterprises are important in a country because

  • A. they usually produce goods for the dependants
  • B. they provide after-sales service only to the rich
  • C. the price of their products are fixed
  • D. they render personalized service to the consumers
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13

In the long run all factors of production are

  • A. expensive
  • B. variable
  • C. durable
  • D. fixed
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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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14

The transformation curve slopes indicate that

  • A. opportunity cost of producing one commodity for another
  • B. opportunity cost of producing two commodities at a time
  • C. sales of the plants to other investors
  • D. decrease in the cost of production
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15

Which of the following is regarded as fixed cost?

  • A. expenditure on raw materials
  • B. expenditure on fuel
  • C. expenditure on power
  • D. rent on land
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts