Economics 2018 Waec Past Questions and Answers

Question 6 :

• WAEC 2018

a downward sloping demand curve means that?

A. Total revenue declines as price is lowered
B. Demand falls as output rises
C. Demand falls as output falls
D. Price must be lowered to sell more

Question 7 :

• WAEC 2018

if the price of commodity X rises and consumers shift to commodity Y, then commodity X and Y are?

A. Substitutes
B. Complements
C. Inferior goods
D. Bought goods

Question 8 :

• WAEC 2018

goods whose demand vary directly with money income are called?

A. Inferior goods
B. Complementary goods
C. Substitutes
D. Normal goods

Question 9 :

• WAEC 2018

an exceptional demand curve can result from?

A. Increase in prices of raw materials
B. Increase in the size of the population
C. Expectation of future price increase
D. Change in taste of the consumer

Question 10 :

• WAEC 2018

palm oil and palm kernel are in?

A. Joint supply
B. Competitive demand
C. Competitive supply
D. Complementary demand