Waec Economics Past Questions and Answers

Question 1606:

• WAEC 2018

the organisation of productive factors is the reponsibility of the?

A. Management
B. Entrepreneur
C. Production manager
D. Labour union

Question 1607:

• WAEC 2018

producers operating in a free market economy are more efficient as a resulf of?

A. The existence of competition
B. The very few number of participants
C. The commitment of the shareholders
D. Government regulation of their activities

Question 1608:

• WAEC 2018

a downward sloping demand curve means that?

A. Total revenue declines as price is lowered
B. Demand falls as output rises
C. Demand falls as output falls
D. Price must be lowered to sell more

Question 1609:

• WAEC 2018

if the price of commodity X rises and consumers shift to commodity Y, then commodity X and Y are?

A. Substitutes
B. Complements
C. Inferior goods
D. Bought goods

Question 1610:

• WAEC 2018

goods whose demand vary directly with money income are called?

A. Inferior goods
B. Complementary goods
C. Substitutes
D. Normal goods