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Economics Past Questions and Answers

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Waec Economics Questions

Question 196:

A society that is on its production possibility curve

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A Has attained full employment but not full production
B Has attained full production but not full employment
C Is using its resources inefficiently
D Has attained both full employment and full production
E Has a lower output level than it should have

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Question 197:

Money becomes a very poor store
money becomes a very poor stone of value in a period of

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A Deflation
B Stable prices
C Recession
D Inflation
E Harvest

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Question 198:

Economic growth is the

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A Rate of increase in a country's full employment and real output
B Rate of increase in a nation's total population
C Rate of increase in inflation
D Rate of decrease inflation
E Growth in birth rate

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Question 199:

The market price of a commodity is determine by the

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A Total number of people in the market
B Total demand for the commodity
C Quantity of the commodity supplied
D Interaction of demand and supply
E Law of demand

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Question 200:

if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will

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A Decrease
B Increase
C Remain constant
D Fluctuate
E Be inelastic

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