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Economics WAEC Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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906
If a fall in price of one commodity leads to an increase supply of another commodity, both commodities have
  • A. composite supply
  • B. joint supply
  • C. competitive supply
  • D. short run supply
View Answer & Discuss (5) WAEC 2009
907
At a co-efficient of price elasticity of supply of 0.5, supply is
  • A. perfectly inelastic
  • B. inelastic
  • C. perfectly elastic
  • D. elastic
View Answer & Discuss WAEC 2009
908
In the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?
  • A. An increase in demand for X will increase supply of Y
  • B. An increase in demand for X will leave the supply of Y unchanged
  • C. An increase in demand for Y will raise the price of X
  • D. An increase in demand for X will cause less of Y to be produced
View Answer & Discuss WAEC 2009
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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909
If an increase in earning leads to more of of a commodity being demanded, the good is said to have
  • A. positive income elasticity
  • B. negative income elasticity
  • C. positive cross elasticity
  • D. negative cross elasticity
View Answer & Discuss WAEC 2009
910
The interaction of supply and demands for labour determines
  • A. production
  • B. income
  • C. wage
  • D. profits
View Answer & Discuss WAEC 2009
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