Economics 2017 Waec Past Questions and Answers

Question 11 :

• WAEC 2017

A rightward shift in the supply curve of a commodity is brought about by an increase in?

A. The level of technology
B. The price of the commodity
C. Cost of production
D. Taxation

Question 12 :

• WAEC 2017

Effective supply is the total amount of a commodity

A. From a single producer
B. In the warehouse of producers
C. Offered for sale at a market place
D. Produced for the market

Question 13 :

• WAEC 2017

price elasticity of supply can be influenced by the following factors except?

A. Time period
B. Cost of production
C. Size of consumer income
D. Nature of the product

Question 14 :

• WAEC 2017

increase in the supply of a product can be caused by?

A. Change and taste and fashion of consumers
B. Increase in the income of consumers
C. A fall in the cost of production
D. Increase in the price of a product

Question 15 :

• WAEC 2017

a rational consumer will purchase a product whose price is?

A. Greater than his marginal utility
B. Less than his marginal utility
C. Equal to his marginal utility
D. Equal to his total utility