Economics 2021 Waec Past Questions and Answers

Question 11 :

• WAEC 2021

One way of obtaining the median of a given data is to ________________

A. Sum the value and divide by the number of items.
B. Arrange the data in ascending order and subtract each item from the mean.
C. Arrange the data in descending order and add each item to the least.
D. Arrange the data in either ascending or descending order and find what item divides the set in two equal parts.

Question 12 :

• WAEC 2021

An increase in the rice harvest, all things being equal, may cause ____________ ____________

A. Price to increase substantially.
B. Price to fall substantially.
C. Demand to fall substantially.
D. Farmer's incomes to be more than doubled

Question 13 :

• WAEC 2021

The demand for wood and labour is an example of ____________

A. Effective demand.
B. Complementary demand
C. Derived demand
D. Competitive demand

Question 14 :

• WAEC 2021

What will be the reaction of consumers in a market if there is a fall in the price of the substitute commodity X?

A. Price of commodity X will increase
B. Demand for the substitute of commodity X will decrease
C. Demand for commodity X will decrease
D. Supply of both commodity X and its substitute will increase.

Question 15 :

• WAEC 2021

An increase in market supply is caused by the following factors except _______________

A. An improvement in innovation and technology.
B. An increase in the price of the commodity
C. A reduction in the cost of raw materials.
D. A favourable weather condition.