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Economics 2023 WAEC Past Questions

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1

Which of the following is a non-renewable natural resources?

  • A. Rubber
  • B. Oil palm
  • C. Coal
  • D. Cocoa
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2

The demand for a factor input as a result of the demand for its output is known as

  • A. market demand
  • B. complementary demand
  • C. competitive demand
  • D. derived demand
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3

If the government stops subsidy on cocoa production, the supply curve of cocoa will

  • A. become vertical
  • B. remain unchanged
  • C. shift to the left
  • D. shift to the right
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4

A monopolist may enjoy abnormal profit only if its

  • A. marginal cost exceeds marginal revenue
  • B. demand curve is perfectly elastic
  • C. expenditure on advertisement increases
  • D. price exceeds average total cost
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5

The supply of light could be met using a candle, lantern and gas lamp. This is an example of a

  • A. complementary supply
  • B. abnormal supply
  • C. joint supply
  • D. composite supply
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