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Economics Past Questions and Answers

Waec Economics Questions

Question 1436:

The following constitute the criteria for identifying an economic system except?

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A Ownership of resources
B Scarcity of resources
C Method of decision making
D Motivation for production

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Question 1437:

A disadvantage of the mean as measure of central tendency is that?

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A Is affected by extreme values
B Can only be used for continuous data
C Cannot be used to measure the qualities of a population
D Cannot be determined in group data

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Question 1438:

which of the following is not an effect of many middlemen in the chain of production

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A Shortage of commodities
B Low retail prices
C Hoarding of goods
D High retail prices

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Question 1439:

If the price of floor rises, then bread

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A Demand curve will shift to the left while supply curve will shift to the right
B Supply curve will shift to the left
C Supply curve will shift to the right
D Demand curve will shift to the right while supply curve remains unchanged

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Question 1440:

which of the following is not a reason for abnormal demand

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A Price of the commodity
B Goods of ostentation
C Giffen goods
D Rare commodity

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