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Waec Economics Past QuestionsQuestion 1726:If less of a good is bought as one's income increases, such a good is ____________ A. A normal good B. A luxury C. A necessity D. An inferior good Question 1727:The demand for coffee and tea is _____________ A. Joint B. Competitive C. Composite D. Derived Question 1728:Two commodities X and Y are in joint supply when _____________ A. X is a by-product of Y B. X and Y are produced by the same firm C. Increase in the quantity of X leads to a decrease in Y D. X and Y cannot be produced in the same process Question 1729:
The table above illustrates the law of? A. Diminishing returns B. Diminishing marginal productivity C. Diminishing marginal utility D. Variable proportion Question 1730:When the price of a good is above the equilibrium, there will be _____________ A. A shortage B. A surplus. C. Unemployment D. Inflation |
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