Waec Economics Past Questions and Answers

Question 561:

• WAEC 2000

An association of workers in a particular industry, firm or line of job is called

A. Trade union
B. Trade association
C. Chamber of commerce
D. Assembly of workers

Question 562:

• WAEC 2000

Average Variable Cost (AVC) curve

A. Is U-shaped
B. Rises from left to right
C. Slopes upwards
D. Is horizontal to the X-axis

Question 563:

• WAEC 2000

The income elasticity of a normal goods is

A. Positive
B. Negative
C. Zero
D. Fixed

Question 564:

• WAEC 2000

The demand for a commodity that serves two or more purposes is

A. Competitive demand
B. Complemetary demand
C. Composite demand
D. Derived demand

Question 565:

• WAEC 2000

The charging of different prices to different group of buyers for the same goods or services is called

A. Monopolistic competition
B. Price determination
C. Price discrimination
D. Monopoly