Waec Economics 1996 Past Questions and Answers

Question 1:

• WAEC 1996

The ranking of a consumer’s need in order of importance is termed

A. An opportunity cost
B. Economies of scale
C. A scale of preference
D. The making of choice
E. Direct production

Question 2:

• WAEC 1996

The ranking of a consumer’s need in order of importance is termed

A. An opportunity cost
B. Economies of scale
C. A scale of preference
D. The making of choice
E. Direct production

Question 3:

• WAEC 1996

If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is

A. 0.025
B. 0.24
C. 0.22
D. 0.25
E. 0.23

Question 4:

• WAEC 1996

If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are

A. Complementary
B. In joint demand
C. Luxuries
D. In composite demand
E. Substitutes

Question 5:

• WAEC 1996

MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the

A. Marginal utility equation
B. Equation for consumer dis-equulibruim
C. Utility maximization equation
D. Equation for total utility
E. Equation for price elasticity