Waec Economics Past Questions and Answers

Question 476:

• WAEC 1999

The price elasticity of coefficient indicates

A. How far business can reduce cost
B. The degree of competition
C. The extent to which curve shifts
D. Consumer responsiveness to price changes
E. None of the above

Question 477:

• WAEC 1999

every society strive to pursue all the following economic objectives except

A. Increase production
B. Price stability
C. An inequitable distribution of income
D. Sustainable growth and income

Question 478:

• WAEC 1999

which of the following best describes capital as a factor of production?

A. A natural resources found everywhere
B. A stock of physical assets used for production
C. The organization of human and material resources for production
D. Resources used in training labour

Question 479:

• WAEC 1999

The system whereby goods are exchanged for goods is known as

A. Stock exchange
B. Barter system
C. Banking
D. Co-operative system

Question 480:

• WAEC 1999

The graph of the function X = a + bY is

A. Linear
B. Quadratic
C. Cubical
D. Exponential