Waec Economics Past Questions and Answers

Question 336:

• WAEC 1995

Giffen commodities are those commodities

A. Which gives rise to a cobweb situation
B. For which demand increases as price increases
C. Which have a low price elasticity of demand
D. Which are in short supply
E. Which have a high income elasticity of demand

Question 337:

• WAEC 1995

Effective demand in economics means

A. The desire for a commodity
B. A proposal to purchase a good on credit
C. The desire for a commodity or service backed by purchasing power
D. An irrevocable instruction to the seller to meet up the need of the buyers
E. The propensiyt to consume googd produced by manufacturers

Question 338:

• WAEC 1995

Government can influence aggregate demand through all the following measures except

A. Reduction in personal income tax
B. Retirement of director-general in the public service
C. Creation of employment opportunities
D. Compulsory deduction from salaries of all categories of workers
E. Upward revision of workers fringe benefits

Question 339:

• WAEC 1995

The term production in Economics means

A. Manufacturing of goods
B. The creation of utilities
C. Giving birth to children
D. The distribution of goods and services
E. Using labour in creating something

Question 340:

• WAEC 1995

Under the socialist economy , the decision on what to produce is determined by the

A. Producer
B. Level of expected profit
C. Price
D. Government
E. Preference of consumers