Economics 2020 Waec Past Questions and Answers

Question 11 :

• WAEC 2020

Use the figure below to answer question that follows

What does the diagram above depict

A. Simple bar chart
B. Complex bar chart
C. Component bar chart

Question 12 :

• WAEC 2020

The figure below shows the change in demand for Commodity X which is a normal good. Use it to answer the question that follows.

Which of the following caused the change in demand from D\(_{1}\) D\(_{1}\) to D\(_{2}\)D\(_{2}\)

A. Fall in the income of consumers
B. Rise in the price of a substitute
C. Rise in the price of a complement
D. Fall in the supply of commodity X

Question 13 :

• WAEC 2020

Use the figure below to answer the question that follows

The curves D\(_{0}\)D\(_{0}\) and S\(_{0}\)S\(_{0}\) are the initial demand and supply curves respectively. What happens when government provides subsidies to producers?

A. The supply curve will shift from S\(_{0}\)S\(_{2}\) to S\(_{2}\)S\(_{0}\)
B. The supply curve will shift from S\(_{0}\)S\(_{0}\) to S\(_{1}\)S\(_{1}\)
C. The demand curve will shift from D\(_{0}\)D\(_{0}\) to D\(_{1}\)D\(_{1}\)
D. The supply curve will shift from S\(_{0}\)S\(_{0}\) to S\(_{0}\)S\(_{0}\)

Question 14 :

• WAEC 2020

In the figure above, YZ represents ____________

A. Excess demand
B. Excess supply
C. Equilibrium quantity
D. Equilibrium price

Question 15 :

• WAEC 2020

Goods are described as inferior if their demand ____________

A. Decreases as price falls
B. Increases as income rises
C. Decreases as income increases
D. Increases as price increases