Waec Economics 2013 Past Questions and Answers

Question 16:

• WAEC 2013

An increase in the supply of a commodity X automatically results in an increase in the supply of another commodity Y. This is a cause of

A. Elastic supply
B. Joint supply
C. Exceptional supply
D. Competitive supply

Question 17:

• WAEC 2013

Why would an individual increase his level of consumption during inflationary periods?

A. The real value of any amount saved falls over time
B. Interest rates are generally low
C. There are varieties of goods to buy
D. Wages and salaries stagnate during inflation

Question 18:

• WAEC 2013

The type of monopoly that develops as a result of uneven distribution of resources is called

A. Legal monopoly
B. Natural monopoly
C. State monopoly
D. International monopoly

Question 19:

• WAEC 2013

Goods which have to be paid for are known as

A. Physical goods
B. Economic goods
C. Free goods
D. Intangible goods

Question 20:

• WAEC 2013

Goods are said to be in competitive demand when they are

A. Substitutes
B. Complementary
C. Jointly demanded
D. Identical