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Economics WAEC Past Questions

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996

A normal demand curve slopes

  • A. downward from left to right
  • B. upwards from right to left
  • C. downwards from right to left
  • D. upwards from left to right
View Answer & Discuss WAEC 2011
997

The co-efficient of income elasticity of demand for inferior goods is

  • A. positive
  • B. equal to one
  • C. less than one
  • D. negative
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998

If a 20% rise in price of Whiskey leads to a 30% increase in quantity demanded of Schnapps, the cross elasticity of demand is

  • A. 3.0
  • B. 2.5
  • C. 2.3
  • D. 1.5
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999

Palm oil and palm kernel have

  • A. competitive supply
  • B. excess supply
  • C. joint supply
  • D. composite supply
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1000

A supply curve which is vertical has an elasticity co-efficient of

  • A. 0.0
  • B. 0.5
  • C. 1.5
  • D. 2
View Answer & Discuss (1) WAEC 2011
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