Economics Past Questions For JAMB, WAEC, NECO & Post UTME, With Answers, And Explanations - Economics

Economics Questions

Question 2466:

WAEC 1997

Goods are said to be in competitive demand when they

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A Are substitutes
B Are complementary to each other
C Are jointly demanded
D Have equal coefficient of elasticity
E Are identical

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Question 2467:

WAEC 1997

The formula for calculating price elasticity of demand coefficient is

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A Percentage change in price/percentage change in quantity demanded
B Absolute decline in price/absolute increase in quantity demanded
C Percentage change in quantity demanded/percentage change in price
D Absolute decline in quantity demanded/absolute increase in price
E Change in quantity demanded/decrease in price

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Question 2468:

WAEC 1997

when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product's

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A Demand is elastic
B Demand is inelastic
C Demand is perfectly inelastic
D Supply is not elastic
E Demand has decline

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Question 2469:

WAEC 1997

a shift in supply curve to the right will result in a

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A Fall in both the price and supply
B Fall in price but an increase in supply
C Rise in both price and supply
D Rise in price and fall in supply
E No change in price and supply

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Question 2470:

WAEC 1997

one of the disadvantages of the division of labour is that it

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A Saves time
B Makes work monotonous
C Encourages full utilization of capital
D Makes workers skilled at their work
E Allows greater use of machinery

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