Economics 1997 Waec Past Questions and Answers

Question 6 :

• WAEC 1997

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
E. Are identical

Question 7 :

• WAEC 1997

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
E. Change in quantity demanded/decrease in price

Question 8 :

• WAEC 1997

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
E. Demand has decline

Question 9 :

• WAEC 1997

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
E. No change in price and supply

Question 10 :

• WAEC 1997

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
E. Allows greater use of machinery