Waec Economics Past Questions and Answers

Question 1436:

• WAEC 2015

The following constitute the criteria for identifying an economic system except?

A. Ownership of resources
B. Scarcity of resources
C. Method of decision making
D. Motivation for production

Question 1437:

• WAEC 2015

A disadvantage of the mean as measure of central tendency is that?

A. Is affected by extreme values
B. Can only be used for continuous data
C. Cannot be used to measure the qualities of a population
D. Cannot be determined in group data

Question 1438:

• WAEC 2015

which of the following is not an effect of many middlemen in the chain of production

A. Shortage of commodities
B. Low retail prices
C. Hoarding of goods
D. High retail prices

Question 1439:

• WAEC 2015

If the price of floor rises, then bread

A. Demand curve will shift to the left while supply curve will shift to the right
B. Supply curve will shift to the left
C. Supply curve will shift to the right
D. Demand curve will shift to the right while supply curve remains unchanged

Question 1440:

• WAEC 2015

which of the following is not a reason for abnormal demand

A. Price of the commodity
B. Goods of ostentation
C. Giffen goods
D. Rare commodity