Waec Economics 1993 Past Questions and Answers

Question 6:

• WAEC 1993

Supply in Economics means making

A. Goods and services available to consumers
B. Goods available to the market at a given price and at a given period
C. Available the goods and services which consumers require
D. Craete goods
E. Import goods

Question 7:

• WAEC 1993

An inferior goods is one

A. That is too bad for consumption
B. Whose price is lower than the price of other goods
C. That is easily perishable
D. Whose demands fall when the income of its consumer increases
E. That is not durable

Question 8:

• WAEC 1993

Price elasticity of demand is define as the

A. Responsiveness of demand to change in price
B. Responsiveness of price to change in demand
C. Increase in demand resulting form a rise in price
D. Unit decrease in price resulting from a a fall in demand
E. Unit increase in quantity demanded when price rises

Question 9:

• WAEC 1993

The rural area of West Africa lack industries because

A. Rural people are not meant to work in industries
B. Rural people are uneducated
C. Of inadequate infrastructure
D. Of low population density
E. They are not suitable for industries

Question 10:

• WAEC 1993

An entrepreneur will locate his industry in a place

A. Nearest to his homw town
B. Where the cost of production will be minimized
C. Nearest to his wife's hometown
D. Where the government direct him to locate
E. Where there is no other industry