Waec Economics Past Questions and Answers

Question 491:

• WAEC 1999

income elasticity of demand is measurement of the responsiveness of

A. Price to change in income
B. Quantity demanded to change in income
C. Change in expenditure to change in income
D. Change in expenditure to change in price of the commodity

Question 492:

• WAEC 1999

The establishment of industries in rural areas will help to reduce

A. Urban-rural migration
B. Urban-urban migration
C. Rural-urban migration
D. Rural-rural migration

Question 493:

• WAEC 1999

Government imposes taxes mainly to

A. Punish the citizens
B. Provide social amenities
C. Donates to poorer countries
D. Execute white elephant projects

Question 494:

• WAEC 1999

In a perfect market price and quantity to be bought are determined by the

A. Consumers and retailers
B. Producers and wholesalers
C. Forces of demand and supply
D. Interest of government and producers

Question 495:

• WAEC 1999

When price elasticity of supply is equal to 0.4, supply is said to be

A. Inelastic
B. Elastic
C. Unitary elastic
D. Public utilities