Waec Economics Past Questions and Answers

Question 1496:

• WAEC 2016

What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will

A. Increase
B. Fall
C. Fluctuate
D. Remain unchanged

Question 1497:

• WAEC 2016

If the quantity of men's hat demanded per week is represented by the function Qd=20-\(\frac{1}{3}\)P, where P is price, how many hats are demanded when the price is $9.00?

A. 11
B. 17
C. 23
D. 47

Question 1498:

• WAEC 2016

The demand for torch and batteries is an example of

A. Competitive demand
B. Composite demand
C. Complementary demand
D. Derived demand

Question 1499:

• WAEC 2016

Price elasticity of demand or supply measures how responsive

A. Consumers are to a change in price
B. Sellers are to a change in price
C. Sellers are to a change in price
D. Buyers are to a change in income

Question 1500:

• WAEC 2016

The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to

A. Positively sloping supply curve
B. Perfectly elastic supply curve
C. Backward bending supply curve
D. Perfectly inelastic