Waec Economics 2018 Past Questions and Answers

Question 11:

• WAEC 2018

which of the following is true about supply of land?

A. Its higher in the urban than rural areas
B. Varies with time
C. Rises with demand
D. Is fixed

Question 12:

• WAEC 2018

the backward bending supply curve of labour indicates?

A. An abnormal supply situation
B. The law of supply
C. That labour supply and wage are directly related
D. That the elasticity of supply is uniform

Question 13:

• WAEC 2018

A supply curve parallel to the X- axis indicates?

A. Fairly elastic supply
B. Infinitely elastic supply
C. Fairly inelastic supply
D. Perfectly inelastic

Question 14:

• WAEC 2018

if the marginal utility of a commodity is equal to its price then

A. The consumer is in equilibrium
B. More of the commodity can be consumed
C. Total utility is also equal to its price
D. The market is not in equilibrium

Question 15:

• WAEC 2018

A price floor is usually fixed

A. At the equilibrium and causes shortage
B. Above the equilibrium and causes shortage
C. Below the equilibrium and causes shortage
D. Above the equilibrium and causes surplus