Waec Economics Past Questions and Answers

Question 1806:

• WAEC 2020

If an increase in the price of crude oil led to an increase in the prices of kerosene and grease, then kerosene and grease are in ____________

A. Joint supply
B. Competitive supply
C. Market Supply
D. Composite supply

Question 1807:

• WAEC 2020

If an increase in the supply of beef increased the supply of hides, then beef and hides are in ____________

A. Competitive supply
B. Joint supply.
C. Composite supply
D. Joint demand

Question 1808:

• WAEC 2020

An increase in supply means that ____________

A. More is sold at different prices
B. More is sold at the same price
C. There is a leftward shift of the supply
curve
D. There is a movement along the supply
curve

Question 1809:

• WAEC 2020

A seller increased the quantity he offered for sale from 200 units to 250 units when the price of his product increased by 12.5%. What is the price elasticity of the supply of his product?

A. 2.00
B. 1.50
C. 1.00
D. 0.50

Question 1810:

• WAEC 2020

If a beef market is in equilibrium at $4.00 per kg, an increase in price to $6.00 per kg may cause ____________

A. Surplus in the market
B. Shortage in the in market
C. Black market to come into operation
D. Rationing to be introduced