Economics 2001 Waec Past Questions and Answers

Question 16 :

• WAEC 2001

Which of the following is a luxury item?

A. Petrol
B. Textbook
C. Pencil
D. Gold

Question 17 :

• WAEC 2001

If the quantity demanded of a particular commodity is represented by the function Qd = 30 - 2p, what is the quantity demanded at a price of twelve Naira?

A. 6 units
B. 8 units
C. 10 units
D. 12 units

Question 18 :

• WAEC 2001

The responsiveness of demand to a change in income is the measurement of

A. Foreign exchange rate
B. Cross elasticity of demand
C. Income elasticity of demand
D. Price index elasticity

Question 19 :

• WAEC 2001

The upward slope of the supply curve indicates that

A. More will be supplied as price rises
B. Less will be supplied as price rises
C. Supply is not a function of price
D. Supply is static and demand is dynamic

Question 20 :

• WAEC 2001

monocultural agriculture means

A. The cultivation of seasonal crops
B. The cultivation of one major crop
C. Plantation agriculture
D. Shifting cultivation