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Economics Past Questions and Answers

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Waec Economics Questions

Question 331:

The law of demand states that

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A As price increases, quantity demanded remains constant
B Demand increases as price increases
C As price falls, quantity demanded also falls
D As price falls, quantity demanded increases
E Demand and supply remains constant whether price fall or increase

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Question 332:

which of the following is an important limiting factor in the application of division of labour?

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A Market size
B Availability of an infrastructure
C Wage rate
D Raw materials
E Availabily of land

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Question 333:

Which of the following does not encourage the location of industries?

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A Nearness to the market
B Availability of infrastructural facilities
C Government influence in sitting industries
D Political instability
E Abundance of cheap labour

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Question 334:

All the under listed factors directly affects the supply of a commodity except

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A Price
B Improved production method
C Access to capital
D Demand for the commodity
E Level of income

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Question 335:

which of the following economic system is in operation in Nigeria?

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A Capitalist economy
B Socialist cum Maxist economy
C Socialist economy
D Capitalist and free economy
E Mixed economy

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