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Waec Economics 2001 Past Questions and Answers

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Waec 2001 Economics Past Questions

Question 16:


Which of the following is a luxury item?

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


Question 17:


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:


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:


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:


monocultural agriculture means

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






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