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Economics Past Questions and Answers

Waec Economics Questions

Question 1501:

The supply of rice in tons is given by the fraction: Qs-80-0.7=0. Where Qs= Quantity supplied, P=price in naira.
Find Qs, when P=N40

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A 108ton
B 52tons
C -52tons
D -108tons

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Question 1502:

How does producers expectation of a price fall affect the supply curve of a product? There will be

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A A moment along the curve
B A leftward shift
C No shift of the supply curve
D A shift to the right

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Question 1503:

A price floor results in

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A Excess demand
B Excess supply
C Parallel market
D Hoarding of goods

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Question 1504:

An entrepreneur is encouraged to adopt division of labour in production because it

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A Provide more employment opportuinities
B Leads to increased output and lower cost of production
C Brings about equal cost and employment opportuinities
D Leads to increased cost of production and lower output

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Question 1505:

The long run is a period when

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A Only the variable factors can be altered
B All factors become variable
C The firm will cease to exist
D Only the fixed factors can be altered

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