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Economics WAEC Past Questions

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1996

The average revenue curve of a firm in a perfect market is the same as the

  • A. supply curve of the firm
  • B. average cost curve of the firm
  • C. demand curve of the firm
  • D. total revenue curve of the firm
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1997

The most liquid asset among the following is

  • A. bonds
  • A. cheque
  • C. cash
  • D. shares
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1998

Petrol and Kerosene are jointly obtained from crude oil. If the supply of petrol increases, the

  • A. cost of crude oil production has increased
  • B. supply of kerosene will rise
  • C. supply of kerosene will remain unchanged
  • D. supply of kerosene will fall
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1999

The fixing of maximum prices by government is mainly on

  • A. imported capital goods
  • B. inferior goods
  • C. selected essential goods
  • D. luxury goods
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2000

When more of tax on a product is borne by the buyer than the seller, the commodity involved has

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