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Economics Past Questions and Answers

Waec Economics Questions

Question 1856:

One way of obtaining the median of a given data is to ________________

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A Sum the value and divide by the number of items.
B Arrange the data in ascending order and subtract each item from the mean.
C Arrange the data in descending order and add each item to the least.
D Arrange the data in either ascending or descending order and find what item divides the set in two equal parts.

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Question 1857:

An increase in the rice harvest, all things being equal, may cause ____________ ____________

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A Price to increase substantially.
B Price to fall substantially.
C Demand to fall substantially.
D Farmer's incomes to be more than doubled

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Question 1858:

The demand for wood and labour is an example of ____________

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A Effective demand.
B Complementary demand
C Derived demand
D Competitive demand

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Question 1859:

What will be the reaction of consumers in a market if there is a fall in the price of the substitute commodity X?

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A Price of commodity X will increase
B Demand for the substitute of commodity X will decrease
C Demand for commodity X will decrease
D Supply of both commodity X and its substitute will increase.

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Question 1860:

An increase in market supply is caused by the following factors except _______________

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A An improvement in innovation and technology.
B An increase in the price of the commodity
C A reduction in the cost of raw materials.
D A favourable weather condition.

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