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Economics Past Questions

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4326

The demand for wood and labour is an example of______

  • A. Effective demand.
  • B. Complementary demand
  • C. Derived demand
  • D. Competitive demand
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4327

What will be the reaction of consumers in a market if there is a fall in the price of the substitute commodity X?

  • A. Price of commodity X will increase
  • B. Demand for the substitute of commodity X will decrease
  • C. Demand for commodity X will decrease
  • D. Supply of both commodity X and its substitute will increase.
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4328

An increase in market supply is caused by the following factors except_________

  • A. An improvement in innovation and technology.
  • B. An increase in the price of the commodity
  • C. A reduction in the cost of raw materials.
  • D. A favourable weather condition.
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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4329

The coefficient of price elasticity of supply of land is usually____________

  • A. One
  • B. Greater than one
  • C. Zero
  • D. Less than one.
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4330

The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply_________

  • A. Unitary elastic.
  • B. Perfectly inelastic.
  • C. Fairly elastic.
  • D. Inelastic.
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