Economics 2021 Waec Past Questions and Answers

Question 16 :

• WAEC 2021

The coefficient of price elasticity of supply of land is usually _______________

A. One
B. Greater than one
C. Zero
D. Less than one.

Question 17 :

• WAEC 2021

The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply _______________

A. Unitary elastic.
B. Perfectly inelastic.
C. Fairly elastic.
D. Inelastic.

Question 18 :

• WAEC 2021

The leftward shift in the supply curve for a commodity indicates _______________

A. An increase in quantity supplied
B. A decrease in supply.
C. A reduction in quantity supplied.
D. An increase in supply.

Question 19 :

• WAEC 2021

Market supply may increase if there is an increase in the ______________

A. Price of the product
B. Prices of factors of production.
C. Tax paid on raw materials
D. Subsidies on raw materials.

Question 20 :

• WAEC 2021

Government can increase farmers' incomes by _______________

A. Fixing maximum prices.
B. Fixing minimum prices.
C. Encouraging them to produce surplus output.
D. Increasing taxes on inputs.