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Waec Economics Past Questions and Answers

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Waec Economics Past Questions

Question 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:


Table 1
Units of quantity consumed Total utility Marginal utility
0 - -
1 10 10
2 15 5
3 17 2
4 18 1
5 18 0



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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