Waec Economics Past Questions and Answers

Question 616:

• WAEC 2001

The responsiveness of demand to a change in income is the measurement of

A. Foreign exchange rate
B. Cross elasticity of demand
C. Income elasticity of demand
D. Price index elasticity

Question 617:

• WAEC 2001

The upward slope of the supply curve indicates that

A. More will be supplied as price rises
B. Less will be supplied as price rises
C. Supply is not a function of price
D. Supply is static and demand is dynamic

Question 618:

• WAEC 2001

monocultural agriculture means

A. The cultivation of seasonal crops
B. The cultivation of one major crop
C. Plantation agriculture
D. Shifting cultivation

Question 619:

• WAEC 2001

Industries are not sited in most rural areas of Nigeria because ?

A. Of inadequate basic infrastructure
B. They lack raw materials
C. There is no appropriate government policy
D. The climate is not conducive

Question 620:

• WAEC 2001

Which of the following business units can issue shares?

A. Sole trader
B. Private limited companies
C. Cenyral Banks
D. Super market