Waec Economics Past Questions and Answers

Question 1671:

• WAEC 1996

The ranking of a consumer’s need in order of importance is termed

A. An opportunity cost
B. Economies of scale
C. A scale of preference
D. The making of choice
E. Direct production

Question 1672:

• WAEC 1996

If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is

A. 0.025
B. 0.24
C. 0.22
D. 0.25
E. 0.23

Question 1673:

• WAEC 1996

If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are

A. Complementary
B. In joint demand
C. Luxuries
D. In composite demand
E. Substitutes

Question 1674:

• WAEC 1996

MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the

A. Marginal utility equation
B. Equation for consumer dis-equulibruim
C. Utility maximization equation
D. Equation for total utility
E. Equation for price elasticity

Question 1675:

• WAEC 1996

Subsistence agriculture means

A. Cultivation for external use
B. Cultivation for local industries
C. Farming for the urban dwellers
D. Cultivation for household consumption
E. Cultivation for foreign currency