Waec Economics 2016 Past Questions and Answers

Question 6:

• WAEC 2016

A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer question 5 and 6
If the budget of the country was $7,200, how much is allocated to Education?

A. $2,400.00
B. $2,000.00
C. $1,200.00
D. $1,000.00

Question 7:

• WAEC 2016

What is the ratio of expenditure on health to agriculture?

A. 2.3
B. 3.4
C. 4.3
D. 5.4

Question 8:

• WAEC 2016

The demand curve for neccessity is usually

A. Vertical
B. Backward bending
C. Horizontal
D. Negatively sloped

Question 9:

• WAEC 2016

What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will

A. Increase
B. Fall
C. Fluctuate
D. Remain unchanged

Question 10:

• WAEC 2016

If the quantity of men's hat demanded per week is represented by the function Qd=20-\(\frac{1}{3}\)P, where P is price, how many hats are demanded when the price is $9.00?

A. 11
B. 17
C. 23
D. 47