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Economics 2019 WAEC Past Questions

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26

Which of the following factors is not a condition for a change in the supply of a commodity

  • A. improved technoly
  • B. cost of production
  • C. the price of the commodity
  • D. government tax policies
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27

Supply of agricultural products is likely to be elastic in the

  • A. intermediate period
  • B. long-run
  • C. market period
  • D. short-run
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28

Two commodities X and Y are in joint supply when 

  • A. X is a by-product of Y
  • B. X and Y are produced by the same firm
  • C. increase in the quantity of X leads to a decrease in Y
  • D. X and Y cannot be produced in the same process
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29
Table 1
Units of quantity consumed Total utility Marginal utility
0 - -
1 10 10
2 15 5
3 17 2
4 18 1
5 18 0

The table above illustrates the law of?

  • A. diminishing returns
  • B. diminishing marginal  productivity
  • C. diminishing marginal utility
  • D. variable proportion
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30

When the price of a good is above the equilibrium, there will be

  • A. a shortage
  • B. a surplus.
  • C. unemployment
  • D. inflation
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WAEC offline past questions - with all answers and explanations in one app - Download for free
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Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208