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Economics 2012 WAEC Past Questions

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6

Which of the following best describes the mode? the

  • A. observation with the highest frequency
  • B. average of two middle numbers
  • C. item that occupies the middle position
  • D. difference of two extreme values
View Answer & Discuss WAEC 2012
7

Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be

  • A. unitary elastic
  • B. price inelastic
  • C. fairly elatic
  • D. income inelastic
View Answer & Discuss (1) WAEC 2012
8

A demand schedule shows the quantities of goods that are

  • A. bought at given price at a time
  • B. supplied at given prices at a time
  • C. produced at given prices at a time
  • D. reserved for future consumption
View Answer & Discuss (2) WAEC 2012
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9

The demand curve for a commodity is downward sloping because the consumer will pay

  • A. less as the marginal utility falls
  • B. more as the marginal utility falls
  • C. less as the total utility falls
  • D. more as the average utility falls
View Answer & Discuss WAEC 2012
10

A decrease in the demand for a product X resulted in a decrease in the demand for another product Y. The demand for X and Y is

  • A. derived
  • B. composite
  • C. joint
  • D. competitive
View Answer & Discuss WAEC 2012
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