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Economics Past Questions and Answers

Economics Questions

Question 3216:
WAEC 2010
Goods for which demands rises as income rises are
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  • A Complementary goods
  • B Inferior goods
  • C Normal goods
  • D Substitutes
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Question 3217:
WAEC 2010
The slope of a supply curve is
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  • A Horizontal
  • B Uniform
  • C Positive
  • D Vertical
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Question 3218:
WAEC 2010
Equilibrium price is the price at which quantity
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  • A Demand greater than quantity supplied
  • B Supplied is greater than quantity demanded
  • C Demand is equal to quantity supplied
  • D Supplied equals quantity produced
View Answer & Explanation
Question 3219:
WAEC 2010
A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to
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  • A Be unchanged
  • B Remain elastic
  • C Remain inelastic
  • D Rise
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Question 3220:
WAEC 2010
At the highest level of total utility, marginal utility is
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  • A Negative
  • B Positive and falling
  • C Positive and rising
  • D Zero
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