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Friday, 03 April 2026
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Economics Past Questions and Answers

Waec Economics Questions

Question 11:
Which of the following is not an advantage of price control?
  • A Control of inflation
  • B Distortion of price mechanism
  • C Prevention of exploitation
  • D Control of producer’s profit
  • E Helping low income earners
View Answer & Explanation
Question 12:
Which of these factors does not cause a change in demand?
  • A Income
  • B Taste and fashion
  • C Population
  • D Price of other commodities
  • E Price of the commodity concerned
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Question 13:
Price control can be defined as the fixing by Government of maximum or minimum price of
  • A Luxury goods
  • B Inferior goods
  • C Imported capital goods
  • D Certain selected goods
  • E Goods consumed by low income earners
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Question 14:
When the price of commodity A increases, the demand for commodity B decreases, then A and B are
  • A Close substitutes
  • B Complementary goods
  • C Supplementary goods
  • D Gifted goods
  • E Luxurious goods
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Question 15:
When the demand for a commodity is inelastic, total revenue will fall if
  • A Price is increased
  • B Price is reduced
  • C Price remains constant
  • D Price is not given
  • E The commodity is a luxury
View Answer & Explanation