Waec Economics 2019 Past Questions and Answers

Question 21:

• WAEC 2019

If less of a good is bought as one's income increases, such a good is ____________

A. A normal good
B. A luxury
C. A necessity
D. An inferior good

Question 22:

• WAEC 2019

The demand for coffee and tea is _____________

A. Joint
B. Competitive
C. Composite
D. Derived

Question 23:

• WAEC 2019

Two commodities X and Y are in joint supply when _____________

A. X is a by-product of Y
B. X and Y are produced by the same firm
C. Increase in the quantity of X leads to a decrease in Y
D. X and Y cannot be produced in the same process

Question 24:

• WAEC 2019

Table 1

Units of quantity consumed	Total utility	Marginal utility
0	-	-
1	10	10
2	15	5
3	17	2
4	18	1
5	18	0

The table above illustrates the law of?

A. Diminishing returns
B. Diminishing marginal productivity
C. Diminishing marginal utility
D. Variable proportion

Question 25:

• WAEC 2019

When the price of a good is above the equilibrium, there will be _____________

A. A shortage
B. A surplus.
C. Unemployment
D. Inflation