Waec Economics Past Questions and Answers

Question 611:

• WAEC 2001

The cost incurred by using both fixed and variable factors in production is called

A. Marginal cost
B. Fixed cost
C. Total cost
D. Average cost

Question 612:

• WAEC 2001

Consumer buy more of a commodity at a lower price than at a higher price because

A. Productions like to produce more
B. In a given situation people like to buy more
C. Consumers like to show off
D. With the same amount of money they will be able to buy more

Question 613:

• WAEC 2001

The demand for a commodity not directly for immediate consumption but for the production of another commodity is

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

Question 614:

• WAEC 2001

Which of the following is a luxury item?

A. Petrol
B. Textbook
C. Pencil
D. Gold

Question 615:

• WAEC 2001

If the quantity demanded of a particular commodity is represented by the function Qd = 30 - 2p, what is the quantity demanded at a price of twelve Naira?

A. 6 units
B. 8 units
C. 10 units
D. 12 units