Economics WAEC Past Questions

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526

Which of the following is a luxury item?

A. Petrol
B. Textbook
C. Pencil
D. Gold

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527

If the quantity demanded of a particular commodity is represented by the function Qd = 30 - 2p, what is the quantity demanded at a price of twelve Naira?

A. 6 units
B. 8 units
C. 10 units
D. 12 units

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528

The responsiveness of demand to a change in income is the measurement of

A. foreign exchange rate
B. cross elasticity of demand
C. income elasticity of demand
D. price index elasticity

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529

The upward slope of the supply curve indicates that

A. more will be supplied as price rises
B. less will be supplied as price rises
C. supply is not a function of price
D. supply is static and demand is dynamic

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530

monocultural agriculture means

A. the cultivation of seasonal crops
B. the cultivation of one major crop
C. plantation agriculture
D. shifting cultivation

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