Waec Economics 1998 Past Questions and Answers

Question 6:

• WAEC 1998

which of the following will shift the demand curve for Milo to the right?

A. An increase in consumer's income
B. A rise in the price of Milo
C. A tax on cocoa producers
D. A fall in the quantity demanded of Milo
E. Fall in the price of Milo

Question 7:

• WAEC 1998

An ?exceptional demand is one in which

A. Supplier sells all that he takes to the market
B. Consumers do not buy from the market
C. Quantity demanded falls as price falls
D. Purchase of services and not products is considered
E. Quantity demanded and price moves in opposite direction

Question 8:

• WAEC 1998

The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be

A. An excess demand
B. An excess supply
C. A surplus in the market
D. Many sellers in the market
E. No seller in the market

Question 9:

• WAEC 1998

The introduction of division of labour in a firm will lead to?

A. A fall in output
B. A decline in the efficiency of labour
C. An increase output
D. The separation of ownership from management
E. An increase in unit cost

Question 10:

• WAEC 1998

Total cost is the addition of

A. Real cost and money cost
B. Price and taxes
C. Fixed cost and variable cost
D. Average cost and marginal cost
E. Cost of raw materials and wages