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Economics WAEC Past Questions

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856

Which of the following determinants of supply cannot be predicted easily?

  • A. price of the commodity
  • B. new techniques of production
  • C. national emergencies
  • D. mobility of labour
View Answer & Discuss WAEC 2008
857

If the co-efficient of elasticity of demand is 1.5, then the demand is

  • A. fairly inelastic
  • B. perfectly elastic
  • C. elastic
  • D. inelastic
View Answer & Discuss WAEC 2008
858

Small scale enterprises are important in a country because

  • A. they usually produce goods for the dependants
  • B. they provide after-sales service only to the rich
  • C. the price of their products are fixed
  • D. they render personalized service to the consumers
View Answer & Discuss WAEC 2008
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859

In the long run all factors of production are

  • A. expensive
  • B. variable
  • C. durable
  • D. fixed
View Answer & Discuss WAEC 2008
860

The transformation curve slopes indicate that

  • A. opportunity cost of producing one commodity for another
  • B. opportunity cost of producing two commodities at a time
  • C. sales of the plants to other investors
  • D. decrease in the cost of production
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