Waec Economics Past Questions and Answers

Question 1261:

• WAEC 2012

A shift in the demand curve indicates

A. Exceptional demand
B. Change in demand
C. Change in quantity demanded
D. Elasticity of demand

Question 1262:

• WAEC 2012

If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as

A. Elastic
B. Unitary elastic
C. Perfectly inelastic
D. Perfectly elastic

Question 1263:

• WAEC 2012

A condition for consumer utility maximization is

A. Equality of the ratio of marginal utilities and the ratio of prices
B. Equality of the ratio of average utilities and the ratio of prices
C. Equality of the marginal utility to total utility ratio for both commodities
D. Total utility and marginal utility must be zero

Question 1264:

• WAEC 2012

Which of the following best describes the mode? the

A. Observation with the highest frequency
B. Average of two middle numbers
C. Item that occupies the middle position
D. Difference of two extreme values

Question 1265:

• WAEC 2012

Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be

A. Unitary elastic
B. Price inelastic
C. Fairly elatic
D. Income inelastic