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Economics Past Questions and Answers

Waec Economics Questions

Question 561:
An association of workers in a particular industry, firm or line of job is called
  • A Trade union
  • B Trade association
  • C Chamber of commerce
  • D Assembly of workers
View Answer & Explanation
Question 562:
Average Variable Cost (AVC) curve
  • A Is U-shaped
  • B Rises from left to right
  • C Slopes upwards
  • D Is horizontal to the X-axis
View Answer & Explanation
Question 563:
The income elasticity of a normal goods is
  • A Positive
  • B Negative
  • C Zero
  • D Fixed
View Answer & Explanation
Question 564:
The demand for a commodity that serves two or more purposes is
  • A Competitive demand
  • B Complemetary demand
  • C Composite demand
  • D Derived demand
View Answer & Explanation
Question 565:
The charging of different prices to different group of buyers for the same goods or services is called
  • A Monopolistic competition
  • B Price determination
  • C Price discrimination
  • D Monopoly
View Answer & Explanation