Economics 2020 Past Questions | WAEC
- Which of the following is central to the definition of Economics?
- A. resources
- B. wants
- C. scarcity
- D. capital
2. When the production possibility curve shifts outwards, the economy experiences
- A. growth
- B. over-production
- C. inefficient use of resources
- D. under-production
3. Land as a factor of production is made useful through the
- A. application of human effort
- B. acts of nature
- C. application of fertilizer
- D. use of machines
4. In a free market economy, resources are allocated through the
- A. government department
- B. price mechanisms
- C. trade union
- D. state planning committee.
5. What does the diagram above depict
- A. simple bar chart
- B. complex bar chart
- C. component bar chart
- D. simple bar chart
6. The figure below shows the change in demand for Commodity X which is a normal good. Use it to answer the question that follows.
Which of the following caused the change in demand from D1D1to D2D2
- A. Fall in the income of consumers
- B. Rise in the price of a substitute
- C. Rise in the price of a complement
- D. Fall in the supply of commodity X
7. Use the figure below to answer the question that follows
The curves D0D0 and S0S0 are the initial demand and supply curves respectively. What happens when government provides subsidies to producers?
- A. The supply curve will shift from S0S2 to S2S0
- B. The supply curve will shift from S0S0 to S1S1
- C. The demand curve will shift from D0D0 to D1D1
- D. The supply curve will shift from S0S0 to S0S08
8. In the figure above, YZ represents
- A. excess demand
- B. excess supply
- C. equilibrium quantity
- D. equilibrium price
9. Goods are described as inferior if their demand
- A. decreases as price falls
- B. increases as income rises
- C. decreases as income increases
- D. increases as price increases
10.
- A consumer is in equilibrium when
- A. his market Supply is equal to his market demand
- B. he maximizes his satisfaction from spending his income
- C. the market is also in equilibrium
- D. he has consumed all he wants
11. Goods that are abundant in supply usually have low
- A. total utility
- B. marginal utility
- C. average utility
- D. time utility
12. If an increase in the price of crude oil led to an increase in the prices of kerosene and grease, then kerosene and grease are in
- A. joint supply
- B. competitive supply
- C. market Supply
- D. composite supply
13. If an increase in the supply of beef increased the supply of hides, then beef and hides are in
- A. competitive supply
- B. joint supply.
- C. composite supply
- D. joint demand
14. An increase in supply means that
- A. more is sold at different prices
- B. more is sold at the same price
- C. there is a leftward shift of the supply curve
- D. there is a movement along the supply curve
15. A seller increased the quantity he offered for sale from 200 units to 250 units when the price of his product increased by 12.5%. What is the price elasticity of the supply of his product?
- A. 2.00
- B. 1.50
- C. 1.00
- D. 0.50
