1997 - WAEC Economics Past Questions and Answers - page 1
1
Economics is often described as a science because it
A
adopts the use of laboratory experiments
B
involves accurate predictions of human beings
C
makes use of controlled experiment
D
use scientific methods to explain observed phenomena
correct option: d
Users' Answers & Comments2
Scarcity in Economics means that
A
the economy can scarecely produce anything
B
human wants are limitless
C
the economy has very few resources
D
human wants are limited, relative to resources
correct option: e
Users' Answers & Comments3
which of the following has a derived demand?
A
labour
B
butter
C
television set
D
breads
correct option: a
Users' Answers & Comments4
In Economics production is complete when
A
Goods are manufactured in the factories
B
are sold to the final consumer
C
goods and services are distributed by the government
D
producers fixed the price of goods produced
correct option: b
Users' Answers & Comments5
Goods are said to be in competitive demand when they
A
Are substitutes
B
Are complementary to each other
C
Are jointly demanded
D
Have equal coefficient of elasticity
correct option: a
Users' Answers & Comments6
The formula for calculating price elasticity of demand coefficient is
A
Percentage change in price/percentage change in quantity demanded
B
Absolute decline in price/absolute increase in quantity demanded
C
Percentage change in quantity demanded/percentage change in price
D
Absolute decline in quantity demanded/absolute increase in price
correct option: c
Users' Answers & Comments7
when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product's
A
demand is elastic
B
demand is inelastic
C
demand is perfectly inelastic
D
supply is not elastic
correct option: a
Users' Answers & Comments8
a shift in supply curve to the right will result in a
A
fall in both the price and supply
B
fall in price but an increase in supply
C
rise in both price and supply
D
rise in price and fall in supply
correct option: b
Users' Answers & Comments9
one of the disadvantages of the division of labour is that it
A
saves time
B
makes work monotonous
C
encourages full utilization of capital
D
makes workers skilled at their work
correct option: b
Users' Answers & Comments10
The value of money is affected by the
A
speculative motive
B
price level
C
transactionary motive
D
precautionary motive
correct option: b
Users' Answers & Comments