Waec Economics Past Questions and Answers

Question 1266:

• WAEC 2012

A demand schedule shows the quantities of goods that are

A. Bought at given price at a time
B. Supplied at given prices at a time
C. Produced at given prices at a time
D. Reserved for future consumption

Question 1267:

• WAEC 2012

The demand curve for a commodity is downward sloping because the consumer will pay

A. Less as the marginal utility falls
B. More as the marginal utility falls
C. Less as the total utility falls
D. More as the average utility falls

Question 1268:

• WAEC 2012

A decrease in the demand for a product X resulted in a decrease in the demand for another product Y. The demand for X and Y is

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

Question 1269:

• WAEC 2012

Any price below the equilibrium price will lead to

A. Increase in supply
B. Excess demand
C. Equality of demand and supply
D. Decreases in demand

Question 1270:

• WAEC 2012

The allocation of goods and services in a free market economy is performed by

A. The price system
B. The banking system
C. The central planning body
D. Government budgets