Waec Economics 2008 Past Questions and Answers

Question 11:

• WAEC 2008

A major function of the price mechanism is that it determines the

A. Allocation of resources
B. Amount of national savings
C. Population of the country
D. Number of goods to be taxed

Question 12:

• WAEC 2008

Which of the following determinants of supply cannot be predicted easily?

A. Price of the commodity
B. New techniques of production
C. National emergencies
D. Mobility of labour

Question 13:

• WAEC 2008

If the co-efficient of elasticity of demand is 1.5, then the demand is

A. Fairly inelastic
B. Perfectly elastic
C. Elastic
D. Inelastic

Question 14:

• WAEC 2008

Small scale enterprises are important in a country because

A. They usually produce goods for the dependants
B. They provide after-sales servie only to the rich
C. The price of their products are fixed
D. They render personalized service to the consumers

Question 15:

• WAEC 2008

In the long run all factors of production are

A. Expensive
B. Variable
C. Durable
D. Fixed