Waec Economics 2020 Past Questions and Answers

Question 16:

• WAEC 2020

A consumer is in equilibrium when ____________

A. His market Supply is equal to his market demand
B. He maximizes his satisfaction from spending his income
C. The market is also in equilibrium
D. He has consumed all he wants

Question 17:

• WAEC 2020

Goods that are abundant in supply usually have low

A. Total utility
B. Marginal utility
C. Average utility
D. Time utility

Question 18:

• WAEC 2020

If an increase in the price of crude oil led to an increase in the prices of kerosene and grease, then kerosene and grease are in ____________

A. Joint supply
B. Competitive supply
C. Market Supply
D. Composite supply

Question 19:

• WAEC 2020

If an increase in the supply of beef increased the supply of hides, then beef and hides are in ____________

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

Question 20:

• WAEC 2020

An increase in supply means that ____________

A. More is sold at different prices
B. More is sold at the same price
C. There is a leftward shift of the supply
curve
D. There is a movement along the supply
curve