Waec Economics 2011 Past Questions and Answers

Question 6:

• WAEC 2011

A normal demand curve slopes

A. Downward from left to right
B. Upwards from right to left
C. Downwards from right to left
D. Upwards from left to right

Question 7:

• WAEC 2011

The co-efficient of income elasticity of demand for inferior goods is

A. Positive
B. Equal to one
C. Less than one
D. Negative

Question 8:

• WAEC 2011

If a 20% rise in price of Whiskey leads to a 30% increase in quantity demanded of Schnapps, the cross elasticity of demand is

A. 3.0
B. 2.5
C. 2.3
D. 1.5

Question 9:

• WAEC 2011

Palm oil and palm kernel have

A. Competitive supply
B. Excess supply
C. Joint supply
D. Composite supply

Question 10:

• WAEC 2011

A supply curve which is vertical has an elasticity co-efficient of

A. 0.0
B. 0.5
C. 1.5
D. 2