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Economics 2009 WAEC Past Questions

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16
If an increase in earning leads to more of of a commodity being demanded, the good is said to have
  • A. positive income elasticity
  • B. negative income elasticity
  • C. positive cross elasticity
  • D. negative cross elasticity
View Answer & Discuss WAEC 2009
17
The interaction of supply and demands for labour determines
  • A. production
  • B. income
  • C. wage
  • D. profits
View Answer & Discuss WAEC 2009
18
Government fixing of prices below the equilibrium point is aimed at protecting the
  • A. sellers
  • B. industries
  • C. distributors
  • D. consumers
View Answer & Discuss WAEC 2009
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19
A consumer maximizes his utility in consuming a good 'X' when
  • A. Mux = Px
  • B. Px > Mux
  • C. price is falling
  • D. Mux > Px
View Answer & Discuss WAEC 2009
20
The relationship between Marginal Product (MP) and Average Product (AP) is such that they are equal when
  • A. average product is maximum
  • B. Average product is minimum
  • C. Marginal Product is maximum
  • D. Marginal Product is increasing
View Answer & Discuss (1) WAEC 2009
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