Waec Economics Past Questions and Answers

Question 1441:

• WAEC 2015

increase in production subsidies will shift

A. The demand curve to the left
B. The supply curve to the right
C. Both the supply demand curves to the left
D. Supply curve to the left and demand curve to the right

Question 1442:

• WAEC 2015

The market supply curve slopes upward from left to right indicating that?

A. Producers pay high taxes
B. Two commodities can be supplied at the same time
C. At a lower price, less is supplied
D. At a lower price, more is supplied and demanded

Question 1443:

• WAEC 2015

if a given change in price brings a proportionately larger change in quantity demanded, the

A. Demand is relatively price elastic
B. Demand is relatively price inelastic
C. Price elasticity of demand is unitary
D. Price elasticity of demand is constant

Question 1444:

• WAEC 2015

Government revenue will increase if taxes are levied on goods with?

A. Be perfectly elastic demand
B. Fairly elastic demand
C. Perfectly inelastic demand
D. Unitary elastic demand

Question 1445:

• WAEC 2015

if the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a

A. Necessity
B. Good of ostentation
C. Normal good
D. Giffen good