Waec Economics 2009 Past Questions and Answers

Question 16:

• WAEC 2009

In the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?

A. An increase in demand for X will increase supply of Y
B. An increase in demand for X will leave the supply of Y unchanged
C. An increase in demand for Y will raise the price of X
D. An increase in demand for X will cause less of Y to be produced

Question 17:

• WAEC 2009

If an increase in earning leads to more of of a commodity being demanded, the good is said to have

A. Positive income elasticity
B. Negative income elasticity
C. Positive cross elasticity
D. Negative cross elasticity

Question 18:

• WAEC 2009

The interaction of supply and demands for labour determines

A. Production
B. Income
C. Wage
D. Profits

Question 19:

• WAEC 2009

Government fixing of prices below the equilibrium point is aimed at protecting the

A. Sellers
B. Industries
C. Distributors
D. Consumers

Question 20:

• WAEC 2009

A consumer maximizes his utility in consuming a good 'X' when

A. Mux = Px
B. Px > Mux
C. Price is falling
D. Mux > Px