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Economics Past Questions and Answers

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Waec Economics Questions

Question 236:

The real cost of a commodity is

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A The cost of the alternative that has to be sacrificed for it
B The alternative that has to be forgone in order to purchase it
C Its market price
D The alternative cost involved when the opportunity of buying the commodity is missed
E The sacrifice that is made after buying the commodity

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Question 237:

Public corporation in West Africa are set up to

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A Make maximum profit
B Provide jobs for the people
C Provide welfare service for the people
D Show that the government can do business
E Compete with private enterprises

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Question 238:

Supply in Economics means making

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A Goods and services available to consumers
B Goods available to the market at a given price and at a given period
C Available the goods and services which consumers require
D Craete goods
E Import goods

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Question 239:

An inferior goods is one

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A That is too bad for consumption
B Whose price is lower than the price of other goods
C That is easily perishable
D Whose demands fall when the income of its consumer increases
E That is not durable

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Question 240:

Price elasticity of demand is define as the

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A Responsiveness of demand to change in price
B Responsiveness of price to change in demand
C Increase in demand resulting form a rise in price
D Unit decrease in price resulting from a a fall in demand
E Unit increase in quantity demanded when price rises

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