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Economics Past Questions and Answers

Waec Economics Questions

Question 1606:
the organisation of productive factors is the reponsibility of the?
  • A Management
  • B Entrepreneur
  • C Production manager
  • D Labour union
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Question 1607:
producers operating in a free market economy are more efficient as a resulf of?
  • A The existence of competition
  • B The very few number of participants
  • C The commitment of the shareholders
  • D Government regulation of their activities
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Question 1608:
a downward sloping demand curve means that?
  • A Total revenue declines as price is lowered
  • B Demand falls as output rises
  • C Demand falls as output falls
  • D Price must be lowered to sell more
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Question 1609:
if the price of commodity X rises and consumers shift to commodity Y, then commodity X and Y are?
  • A Substitutes
  • B Complements
  • C Inferior goods
  • D Bought goods
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Question 1610:
goods whose demand vary directly with money income are called?
  • A Inferior goods
  • B Complementary goods
  • C Substitutes
  • D Normal goods
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