Economics 2019 Past Questions | WAEC
1. The fundamental economic problem in every society is
- A. the large number of the unemployed
- A. Limited supply of productive resources
- B. inadequate supply of money
- C. corruption and mismanagement
2. A point X inside the production possibility curve indicates that
- A. resources are fully utilized
- B. the country is poor
- C. some resources are idle
- D. resources are not available
3. The major employer of labour in developing countries is the
- A. tertiary sector
- B. secondary sector
- C. primary sector
- D. industrial sector
4. The wages of a group of workers in dollars is stated below;
40, 30, 70, 20, 60, 10, 10, 80, 30, and 10.
What is the mean wage
- A. $35
- B. $36
- C. $37
- D. $38
5. The desire for profits is a major feature of
- A. traditional economy
- B. mixed economy
- C. market economy
- D. command economy
6. If the coefficient of price elasticity of demand of a product is zero, then its demand curve will be
- A. parallel to the quantity axis
- B. parallel to the price axis
- C. negatively sloped
- D. positively sloped
7. If the demand function is Qd = -0.5p + 20, calculate the quantity demanded when price is $15.0
- A. -%27.50
- A. -%12.50
- C. $12.50
- D. -$27.50
8. If less of a good is bought as one’s income increases, such a good is
- A. a normal good
- B. a luxury
- C. a necessity
- D. an inferior good
9. The demand for coffee and tea is
- A. joint
- B. competitive
- C. composite
- D. derived
10. What effect will an increase in the supply of fish have on the meat market
- A. a fall in equilibrium price and quantity
- B. an increase in equilibrium price and quantity
- C. an increase in equilibrium price and a fall in quantity
- D. both equilibrium price and quantity will remain unchanged
11. Which of the following factors is not a condition for a change in the supply of a commodity?
- A. improved technology
- B. cost of production
- C. the price of the commodity
- D. government tax policies
12. Supply of agricultural products is likely to be elastic in the
- A. intermediate period
- B. long-run
- C. market period
- D. short-run
13. Two commodities X and Y are in joint supply when
- A. X is a by-product of Y
- B. X and Y are produced by the same firm
- C. increase in the quantity of X leads to a decrease in Y
- D. X and Y cannot be produced in the same process
14.
Table 1 | ||
Units of quantity consumed | Total utility | Marginal utility |
0 | – | – |
1 | 10 | 10 |
2 | 15 | 5 |
3 | 17 | 2 |
4 | 18 | 1 |
5 | 18 | 0 |
The table above illustrates the law of?
- A. diminishing returns
- B. diminishing marginal productivity
- C. diminishing marginal utility
- D. variable proportion
15. When the price of a good is above the equilibrium, there will be
- A. a shortage
- B. a surplus.
- C. unemployment
- D. inflation
