Waec Economics 2008 Past Questions and Answers

Question 6:

• WAEC 2008

The theory of diminishing marginal utility states that as more units of a commodity are consumed , the

A. Satisfaction from an extra unit decreases
B. Satisfaction from an extra unit rises
C. Satisfaction from an extra units remains constant
D. Total satisfaction from the goods remains the same

Question 7:

• WAEC 2008

which of the following factors does not cause a change in demand

A. Taste and fashion
B. Vagaries of weather
C. Price of other commodities
D. Price of commodity

Question 8:

• WAEC 2008

If good P and Q are jointly demanded, an increase in the price of P will likely

A. Leave the demand for Q constant but reduce the quantity demanded of P
B. Reduce the quantity of P but increase the Price of Q
C. Increase the quantity supplied of Q
D. Decrease the quantity demanded of Q

Question 9:

• WAEC 2008

The gap between demand and supply curves above the equilibrium price is

A. Normal demand
B. Excess supply
C. Equil;ibrium quantity
D. Abnormal demand

Question 10:

• WAEC 2008

The gap between demand and supply curves above the equilibrium price is

A. Normal demand
B. Excess supply
C. Equil;ibrium quantity
D. Abnormal demand