Waec Economics Past Questions and Answers

Question 1796:

• WAEC 2020

When the production possibility curve shifts outwards, the economy experiences

A. Growth
B. Over-production
C. Inefficient use of resources
D. Under-production

Question 1797:

• WAEC 2020

Land as a factor of production is made useful through the ____________

A. Application of human effort
B. Acts of nature
C. Application of fertilizer
D. Use of machines

Question 1798:

• WAEC 2020

In a free market economy, resources are allocated through the ____________

A. Government department
B. Price mechanisms
C. Trade union
D. State planning committee.

Question 1799:

• WAEC 2020

Use the figure below to answer question that follows

What does the diagram above depict

A. Simple bar chart
B. Complex bar chart
C. Component bar chart

Question 1800:

• WAEC 2020

The figure below shows the change in demand for Commodity X which is a normal good. Use it to answer the question that follows.

Which of the following caused the change in demand from D\(_{1}\) D\(_{1}\) to D\(_{2}\)D\(_{2}\)

A. Fall in the income of consumers
B. Rise in the price of a substitute
C. Rise in the price of a complement
D. Fall in the supply of commodity X