Waec Economics Past Questions and Answers

Question 236:

• WAEC 1993

The real cost of a commodity is

A. The cost of the alternative that has to be sacrificed for it
B. The alternative that has to be forgone in order to purchase it
C. Its market price
D. The alternative cost involved when the opportunity of buying the commodity is missed
E. The sacrifice that is made after buying the commodity

Question 237:

• WAEC 1993

Public corporation in West Africa are set up to

A. Make maximum profit
B. Provide jobs for the people
C. Provide welfare service for the people
D. Show that the government can do business
E. Compete with private enterprises

Question 238:

• WAEC 1993

Supply in Economics means making

A. Goods and services available to consumers
B. Goods available to the market at a given price and at a given period
C. Available the goods and services which consumers require
D. Craete goods
E. Import goods

Question 239:

• WAEC 1993

An inferior goods is one

A. That is too bad for consumption
B. Whose price is lower than the price of other goods
C. That is easily perishable
D. Whose demands fall when the income of its consumer increases
E. That is not durable

Question 240:

• WAEC 1993

Price elasticity of demand is define as the

A. Responsiveness of demand to change in price
B. Responsiveness of price to change in demand
C. Increase in demand resulting form a rise in price
D. Unit decrease in price resulting from a a fall in demand
E. Unit increase in quantity demanded when price rises