Economics 2016 Waec Past Questions and Answers

Question 11 :

• WAEC 2016

The demand for torch and batteries is an example of

A. Competitive demand
B. Composite demand
C. Complementary demand
D. Derived demand

Question 12 :

• WAEC 2016

Price elasticity of demand or supply measures how responsive

A. Consumers are to a change in price
B. Sellers are to a change in price
C. Sellers are to a change in price
D. Buyers are to a change in income

Question 13 :

• WAEC 2016

The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to

A. Positively sloping supply curve
B. Perfectly elastic supply curve
C. Backward bending supply curve
D. Perfectly inelastic

Question 14 :

• WAEC 2016

The supply of rice in tons is given by the fraction: Qs-80-0.7=0. Where Qs= Quantity supplied, P=price in naira.
Find Qs, when P=N40

A. 108ton
B. 52tons
C. -52tons
D. -108tons

Question 15 :

• WAEC 2016

How does producers expectation of a price fall affect the supply curve of a product? There will be

A. A moment along the curve
B. A leftward shift
C. No shift of the supply curve
D. A shift to the right