Waec Economics Past Questions and Answers

Question 1801:

• WAEC 2020

Use the figure below to answer the question that follows

The curves D\(_{0}\)D\(_{0}\) and S\(_{0}\)S\(_{0}\) are the initial demand and supply curves respectively. What happens when government provides subsidies to producers?

A. The supply curve will shift from S\(_{0}\)S\(_{2}\) to S\(_{2}\)S\(_{0}\)
B. The supply curve will shift from S\(_{0}\)S\(_{0}\) to S\(_{1}\)S\(_{1}\)
C. The demand curve will shift from D\(_{0}\)D\(_{0}\) to D\(_{1}\)D\(_{1}\)
D. The supply curve will shift from S\(_{0}\)S\(_{0}\) to S\(_{0}\)S\(_{0}\)

Question 1802:

• WAEC 2020

In the figure above, YZ represents ____________

A. Excess demand
B. Excess supply
C. Equilibrium quantity
D. Equilibrium price

Question 1803:

• WAEC 2020

Goods are described as inferior if their demand ____________

A. Decreases as price falls
B. Increases as income rises
C. Decreases as income increases
D. Increases as price increases

Question 1804:

• WAEC 2020

A consumer is in equilibrium when ____________

A. His market Supply is equal to his market demand
B. He maximizes his satisfaction from spending his income
C. The market is also in equilibrium
D. He has consumed all he wants

Question 1805:

• WAEC 2020

Goods that are abundant in supply usually have low

A. Total utility
B. Marginal utility
C. Average utility
D. Time utility