Waec Economics 2007 Past Questions and Answers

Question 11:

• WAEC 2007

Given that TR is total revenue, then TRn -TR (n-1) can be used to find the

A. Marginal revenue
B. Marginal cost
C. Average cost
D. Average revenue

Question 12:

• WAEC 2007

The lower the price of a commodity, the greater the quantity demanded. This is based on the assumption that the consumers’

A. Income is diminished
B. Income remains the same
C. Utility is diminished
D. Population is high

Question 13:

• WAEC 2007

The demand for beans in bags is given by the function Q - 36 + 0, 4P = 0. Where P is price in naira and Q is quantity, find Q when P = 20 naira.

A. 12 bags
B. 24 bags
C. 28 bags
D. 30 bags

Question 14:

• WAEC 2007

If the price of goods X rises and the quantity demanded of goods Y increases then the two goods X and Y must be

A. Inferior goods
B. Substitutes
C. Complements
D. Free goods

Question 15:

• WAEC 2007

in a situation where demand is perfectly elastic , imposition of tax on a commodity to raise its price will result in

A. Consumers increasing their demand for the product
B. Consumers' demand for the product remaining unchanged
C. Consumers shifting completely to substitute products
D. Suppliers increasing the supply of the product