Waec Economics Past Questions and Answers

Question 1716:

• WAEC 2019

What effect will an increase in the supply of fish have on the meat market

A. A fall in equilibrium price and quantity
B. An increase in equilibrium price and quantity
C. An increase in equilibrium price and a fall in quantity
D. Both equilibrium price and quantity will remain unchanged

Question 1717:

• WAEC 2019

Which of the following factors is not a condition for a change in the supply of a commodity

A. Improved technoly
B. Cost of production
C. The price of the commodity
D. Government tax policies

Question 1718:

• WAEC 2019

Supply of agricultural products is likely to be elastic in the _____________

A. Intermediate period
B. Long-run
C. Market period
D. Short-run

Question 1719:

• WAEC 2019

The fundamental economic problem in every society is

A. The large number of the unemployedLimited supply of productive resources
B. Inadequate supply of money
C. Corruption and mismanagement

Question 1720:

• WAEC 2019

A point X inside the production possibility curve indicates that

A. Resources are fully utilized
B. The country is poor
C. Some resources are idle
D. Resources are not available