Economics 2012 Waec Past Questions and Answers

Question 1 :

• WAEC 2012

Which of the following problems arises where there are more than one technically possible methods of production

A. Where to produce
B. For whom to produce
C. How to produce
D. What to produce

Question 2 :

• WAEC 2012

Which of the following problems arises where there are more than one technically possible methods of production

A. Where to produce
B. For whom to produce
C. How to produce
D. What to produce

Question 3 :

• WAEC 2012

Visible balance is also known as

A. Terms of trade
B. Balance of payments
C. Balance of trade
D. Capital balance

Question 4 :

• WAEC 2012

A shift in the demand curve indicates

A. Exceptional demand
B. Change in demand
C. Change in quantity demanded
D. Elasticity of demand

Question 5 :

• WAEC 2012

If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as

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