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Thursday, 30 April 2026
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Economics Past Questions and Answers

Waec Economics Questions

Question 1441:
increase in production subsidies will shift
  • A The demand curve to the left
  • B The supply curve to the right
  • C Both the supply demand curves to the left
  • D Supply curve to the left and demand curve to the right
View Answer & Explanation
Question 1442:
The market supply curve slopes upward from left to right indicating that?
  • A Producers pay high taxes
  • B Two commodities can be supplied at the same time
  • C At a lower price, less is supplied
  • D At a lower price, more is supplied and demanded
View Answer & Explanation
Question 1443:
if a given change in price brings a proportionately larger change in quantity demanded, the
  • A Demand is relatively price elastic
  • B Demand is relatively price inelastic
  • C Price elasticity of demand is unitary
  • D Price elasticity of demand is constant
View Answer & Explanation
Question 1444:
Government revenue will increase if taxes are levied on goods with?
  • A Be perfectly elastic demand
  • B Fairly elastic demand
  • C Perfectly inelastic demand
  • D Unitary elastic demand
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Question 1445:
if the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a
  • A Necessity
  • B Good of ostentation
  • C Normal good
  • D Giffen good
View Answer & Explanation