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Economics Past Questions and Answers

Waec Economics Questions

Question 1261:

A shift in the demand curve indicates

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A Exceptional demand
B Change in demand
C Change in quantity demanded
D Elasticity of demand

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Question 1262:

If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as

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A Elastic
B Unitary elastic
C Perfectly inelastic
D Perfectly elastic

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Question 1263:

A condition for consumer utility maximization is

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A Equality of the ratio of marginal utilities and the ratio of prices
B Equality of the ratio of average utilities and the ratio of prices
C Equality of the marginal utility to total utility ratio for both commodities
D Total utility and marginal utility must be zero

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Question 1264:

Which of the following best describes the mode? the

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A Observation with the highest frequency
B Average of two middle numbers
C Item that occupies the middle position
D Difference of two extreme values

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Question 1265:

Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be

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A Unitary elastic
B Price inelastic
C Fairly elatic
D Income inelastic

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