Economics 2012 Waec Past Questions and Answers

Question 11 :

• WAEC 2012

A decrease in the demand for a product X resulted in a decrease in the demand for another product Y. The demand for X and Y is

A. Derived
B. Composite
C. Joint
D. Competitive

Question 12 :

• WAEC 2012

Any price below the equilibrium price will lead to

A. Increase in supply
B. Excess demand
C. Equality of demand and supply
D. Decreases in demand

Question 13 :

• WAEC 2012

The allocation of goods and services in a free market economy is performed by

A. The price system
B. The banking system
C. The central planning body
D. Government budgets

Question 14 :

• WAEC 2012

Given the demand function Qd = 20 - ^1/₂P. What is Qd when P is $12?

A. 6 units
B. 10 nits
C. 12 units
D. 14 units

Question 15 :

• WAEC 2012

If a particular consumer derives total utility of 22 utils having consumed 4 units of a given product, his average utility will be

A. 88 utils
B. 18 utils
C. 5.5 utils
D. 3.5 utils