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Economics 2024 WAEC Past Questions

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11

The diagram above shows the demand for milk. Use it to answer questions this question.

 

The movement from point x to z might have been caused by

  • A. a change in taste in favour of milk.
  • B. a decrease in price of milk.
  • C. an increase in income of consumers.
  • D. a favourable weather condition.
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12

The diagram above shows the demand for milk. Use it to answer questions this question.

 

If demand for postal services decline as a result of increased use of e-mails, then the two services are in 

  • A. composite demand.
  • B. derived demand.
  • C. competitive demand.
  • D. complementary demand.
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13

Other things being equal, an increase in the demand for land in the short-run will cause an increase in the 

  • A. price only.
  • B. price and supply.
  • C. quantity supplied only.
  • D. supply only.
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14

If the coefficient of price elasticity of supply of a commodity is 0.8, then supply is 

  • A. perfectly elastic.
  • B. fairly inelastic.
  • C. perfectly inelastic.
  • D. fairly elastic.
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15

The negative slope of the demand curve is best explained by

  • A. consumer's choice.
  • B. increasing returns to scale
  • C. diminishing returns to scale
  • D. diminishing marginal utility.
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