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Monday, 04 May 2026
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Economics Past Questions and Answers

Waec Economics Questions

Question 1716:
What effect will an increase in the supply of fish have on the meat market
  • A A fall in equilibrium price and quantity
  • B An increase in equilibrium price and quantity
  • C An increase in equilibrium price and a fall in quantity
  • D Both equilibrium price and quantity will remain unchanged
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Question 1717:
Which of the following factors is not a condition for a change in the supply of a commodity
  • A Improved technoly
  • B Cost of production
  • C The price of the commodity
  • D Government tax policies
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Question 1718:
Supply of agricultural products is likely to be elastic in the _____________
  • A Intermediate period
  • B Long-run
  • C Market period
  • D Short-run
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Question 1719:
The fundamental economic problem in every society is
  • A The large number of the unemployedLimited supply of productive resources
  • B Inadequate supply of money
  • C Corruption and mismanagement
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Question 1720:
A point X inside the production possibility curve indicates that
  • A Resources are fully utilized
  • B The country is poor
  • C Some resources are idle
  • D Resources are not available
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