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Economics 2011 WAEC Past Questions

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6

The co-efficient of income elasticity of demand for inferior goods is

  • A. positive
  • B. equal to one
  • C. less than one
  • D. negative
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7

If a 20% rise in price of Whiskey leads to a 30% increase in quantity demanded of Schnapps, the cross elasticity of demand is

  • A. 3.0
  • B. 2.5
  • C. 2.3
  • D. 1.5
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8

Palm oil and palm kernel have

  • A. competitive supply
  • B. excess supply
  • C. joint supply
  • D. composite supply
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9

A supply curve which is vertical has an elasticity co-efficient of

  • A. 0.0
  • B. 0.5
  • C. 1.5
  • D. 2
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10

if the current price of an apple is twice that of last year, it implies that the value of money is

  • A. stable
  • B. falling
  • C. rising
  • D. getting stronger
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts