Waec Economics Past Questions and Answers

Question 1491:

• WAEC 2016

In a socialist economy, prices of commodities are determined by

A. Forces of demand and supply
B. Producers of the commodities
C. The central planning authority
D. Consumers who are sovereign

Question 1492:

• WAEC 2016

Which of the following cannot be classified as land in economics

A. Bauxite deposit in the ground
B. A lake used for irrigation
C. A bulldozer for clearing farm land
D. Grazing field for cattle

Question 1493:

• WAEC 2016

A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer question 5 and 6
If the budget of the country was $7,200, how much is allocated to Education?

A. $2,400.00
B. $2,000.00
C. $1,200.00
D. $1,000.00

Question 1494:

• WAEC 2016

What is the ratio of expenditure on health to agriculture?

A. 2.3
B. 3.4
C. 4.3
D. 5.4

Question 1495:

• WAEC 2016

The demand curve for neccessity is usually

A. Vertical
B. Backward bending
C. Horizontal
D. Negatively sloped