Waec Economics Past Questions and Answers

Question 331:

• WAEC 1995

The law of demand states that

A. As price increases, quantity demanded remains constant
B. Demand increases as price increases
C. As price falls, quantity demanded also falls
D. As price falls, quantity demanded increases
E. Demand and supply remains constant whether price fall or increase

Question 332:

• WAEC 1995

which of the following is an important limiting factor in the application of division of labour?

A. Market size
B. Availability of an infrastructure
C. Wage rate
D. Raw materials
E. Availabily of land

Question 333:

• WAEC 1995

Which of the following does not encourage the location of industries?

A. Nearness to the market
B. Availability of infrastructural facilities
C. Government influence in sitting industries
D. Political instability
E. Abundance of cheap labour

Question 334:

• WAEC 1995

All the under listed factors directly affects the supply of a commodity except

A. Price
B. Improved production method
C. Access to capital
D. Demand for the commodity
E. Level of income

Question 335:

• WAEC 1995

which of the following economic system is in operation in Nigeria?

A. Capitalist economy
B. Socialist cum Maxist economy
C. Socialist economy
D. Capitalist and free economy
E. Mixed economy