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Economics 2019 WAEC Past Questions

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21

If the coefficient of price elasticity of demand of a product is zero, then its demand curve will be

  • A. parallel to the quantity axis
  • B. parallel to the price axis
  • C. negatively sloped
  • D. positively sloped
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22

If the demand function is Qd = -0.5 + 20, calculate the quantity demanded when price is $15.0

  • A. -%27.50
  • A. -%12.50
  • C. $12.50
  • D. -$27.50
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23

If less of a good is bought as one's income increases, such a good is

  • A. a normal good
  • B. a luxury
  • C. a necessity
  • D. an inferior good
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24

The demand for coffee and tea is 

  • A. joint
  • B. competitive
  • C. composite
  • D. derived
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25

What effect will an increase in the supply of fish have on the meat market

  • A. a fall in equilibrium price and quantity
  • B. an increase in equilibrium price and quantity
  • C. an increase in equilibrium price and a fall in quantity
  • D. both equilibrium price and quantity will remain unchanged
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