Waec Economics 1997 Past Questions and Answers

Question 16:

• WAEC 1997

for two commodities A and B, MA and MB are the respective marginal utilities while PA and PB are the respective prices. Marginal utilities of the commodities are maximized when

A. MA/PA = MB/PB
B. MA/PA > MB/PB
C. MA/PA < MB/PB
D. PA/MA < PB/MB
E. PA/MA > PB/MB

Question 17:

• WAEC 1997

If the price of product K declines , the demand curve for the complementary product J will

A. Remain unchanged
B. Shift to the right
C. Decrease
D. Shift to the left
E. Slopes upwards

Question 18:

• WAEC 1997

a stock exchange is a market that

A. Deals with the exchange of commodities
B. Deals with purchase and sales of securities
C. Exchanges stockfish for lady fish
D. Exchanges treasury bills for bills of exchange
E. Sells foreign exchange

Question 19:

• WAEC 1997

The situation whereby government revenue is less than government expenditure is referred to as

A. Budget deficit
B. Balanced budget
C. Budget surplus
D. Budget statement
E. Unfavourable budget

Question 20:

• WAEC 1997

which of the following will not increase the population of a country?

A. An increase in birth rate
B. A decrease in death rate
C. Better medical services
D. Immigration
E. Emigration