2010 - WAEC Economics Past Questions and Answers - page 1
1
The following are examples of economic goods except
A
bottled water
B
air
C
household utensils
D
shelter
correct option: b
Users' Answers & Comments2
A tent-making factory offers
A
personal services
B
indirect services
C
social services
D
reflex services
correct option: b
Users' Answers & Comments3
In which of the following economic system do we have mostly private ownership of resources and individual decision making?
A
Capitalist system
B
Socialist system
C
Mixed system
D
Traditional system
correct option: a
Users' Answers & Comments4
The sum of items divided by the number of items is the
A
frequency
B
mean
C
median
D
mode
correct option: b
Users' Answers & Comments5
Find the median of the following set of scores 8,9,6,5,10
A
9
B
8
C
6
D
5
correct option: b
In order to calculate the median, the data must first be ranked (sorted in ascending order). The median is the number in the middle. We rearrange this 8,9,6,5,10
5,6,8,9,10.
8 is the middle number
6
Which of the following causes the demand curve to shift to the right?
A
a reduction in size of population
B
an increase in the income of the buyer
C
the availability of substitutes
D
a decrease in price of goods
correct option: b
Users' Answers & Comments7
Goods for which demands rises as income rises are
A
complementary goods
B
inferior goods
C
normal goods
D
substitutes
correct option: c
Users' Answers & Comments8
The slope of a supply curve is
A
horizontal
B
uniform
C
positive
D
vertical
correct option: c
Users' Answers & Comments9
Equilibrium price is the price at which quantity
A
demand greater than quantity supplied
B
supplied is greater than quantity demanded
C
demand is equal to quantity supplied
D
supplied equals quantity produced
correct option: c
Users' Answers & Comments10
A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to
A
be unchanged
B
remain elastic
C
remain inelastic
D
rise
correct option: d
Users' Answers & Comments