Waec Economics 2015 Past Questions and Answers

Question 11:

• WAEC 2015

The market supply curve slopes upward from left to right indicating that?

A. Producers pay high taxes
B. Two commodities can be supplied at the same time
C. At a lower price, less is supplied
D. At a lower price, more is supplied and demanded

Question 12:

• WAEC 2015

if a given change in price brings a proportionately larger change in quantity demanded, the

A. Demand is relatively price elastic
B. Demand is relatively price inelastic
C. Price elasticity of demand is unitary
D. Price elasticity of demand is constant

Question 13:

• WAEC 2015

Government revenue will increase if taxes are levied on goods with?

A. Be perfectly elastic demand
B. Fairly elastic demand
C. Perfectly inelastic demand
D. Unitary elastic demand

Question 14:

• WAEC 2015

if the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a

A. Necessity
B. Good of ostentation
C. Normal good
D. Giffen good

Question 15:

• WAEC 2015

In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to?

A. Subtract MU from TU
B. Add MU from the various levels
C. Multiply MU by the initial TU
D. Divide current MU by previous MU