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Economics Past Questions and Answers

Waec Economics Questions

Question 1861:

The coefficient of price elasticity of supply of land is usually _______________

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A One
B Greater than one
C Zero
D Less than one.

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Question 1862:

The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply _______________

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A Unitary elastic.
B Perfectly inelastic.
C Fairly elastic.
D Inelastic.

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Question 1863:

The leftward shift in the supply curve for a commodity indicates _______________

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A An increase in quantity supplied
B A decrease in supply.
C A reduction in quantity supplied.
D An increase in supply.

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Question 1864:

Market supply may increase if there is an increase in the ______________

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A Price of the product
B Prices of factors of production.
C Tax paid on raw materials
D Subsidies on raw materials.

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Question 1865:

Government can increase farmers' incomes by _______________

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A Fixing maximum prices.
B Fixing minimum prices.
C Encouraging them to produce surplus output.
D Increasing taxes on inputs.

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