Waec Economics 2009 Past Questions and Answers

Question 11:

• WAEC 2009

The demand and supply function of a commodity are given as below.
Qd = 20 - 2p
Qs = 6p - 12
Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is

A. 2 Naira
B. 4 Naira
C. 6 Naira
D. 20 Naira

Question 12:

• WAEC 2009

The type of demand that exist between torchlight and battery is

A. Competitive demand
B. Complemetary demand
C. Composite demand
D. Joint demand

Question 13:

• WAEC 2009

When the price of a commodity increases and the quantity demanded also increases, this is a case of

A. Exceptional demand
B. Derived demand
C. Competitive demand
D. Joint demand

Question 14:

• WAEC 2009

If a fall in price of one commodity leads to an increase supply of another commodity, both commodities have

A. Composite supply
B. Joint supply
C. Competitive supply
D. Short run supply

Question 15:

• WAEC 2009

At a co-efficient of price elasticity of supply of 0.5, supply is

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