2012 - WAEC Economics Past Questions and Answers - page 1
1
Which of the following problems arises where are more than one technically possible methods of production
A
Wher to produce
B
for whom to produce
C
how to produce
D
what to produce
correct option: c
Users' Answers & Comments2
Visible balance is also known as
A
terms of trade
B
balance of payments
C
balance of trade
D
capital balance
correct option: c
Users' Answers & Comments3
A shift in the demand curve indicates
A
exceptional demand
B
change in demand
C
change in quantity demanded
D
elasticity of demand
correct option: b
Users' Answers & Comments4
If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as
A
elastic
B
unitary elastic
C
perfectly inelastic
D
perfectly elastic
correct option: a
Users' Answers & Comments5
A condition for consumer utility maximization is
A
equality of the ratio of marginal utilities and the ratio of prices
B
equality of the ratio of average utilities and the ratio of prices
C
equality of the marginal utility to total utility ratio for both commodities
D
total utility and marginal utility must be zero
correct option: a
Users' Answers & Comments6
Which of the following best describes the mode? the
A
observation with the highest frequency
B
average of two middle numbers
C
item that occupies the middle position
D
difference of two extreme values
correct option: a
Users' Answers & Comments7
Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be
A
unitary elastic
B
price inelastic
C
fairly elatic
D
income inelastic
correct option: b
Users' Answers & Comments8
A demand schedule shows the quantities of goods that are
A
bought at given price at a time
B
supplied at given prices at a time
C
produced at given prices at a time
D
reserved for future consumption
correct option: a
Users' Answers & Comments9
The demand curve for a commodity is downward sloping because the consumer will pay
A
less as the marginal utility falls
B
more as the marginal utility falls
C
less as the total utility falls
D
more as the average utility falls
correct option: c
Users' Answers & Comments10
A decrease in the demand for a product X resulted in a decrease in a decrease in the demand for another product Y. The demand for X and Y is
A
derived
B
composite
C
joint
D
competitive
correct option: c
Users' Answers & Comments