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Economics Past Questions and Answers

Waec Economics Questions

Question 431:

If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to

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A Cut costs
B Maximize costs
C Increase profits
D Maximize utility
E Manage scarce resources

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Question 432:

which of the following will shift the demand curve for Milo to the right?

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A An increase in consumer's income
B A rise in the price of Milo
C A tax on cocoa producers
D A fall in the quantity demanded of Milo
E Fall in the price of Milo

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Question 433:

An ?exceptional demand is one in which

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A Supplier sells all that he takes to the market
B Consumers do not buy from the market
C Quantity demanded falls as price falls
D Purchase of services and not products is considered
E Quantity demanded and price moves in opposite direction

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Question 434:

The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be

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A An excess demand
B An excess supply
C A surplus in the market
D Many sellers in the market
E No seller in the market

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Question 435:

The introduction of division of labour in a firm will lead to?

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A A fall in output
B A decline in the efficiency of labour
C An increase output
D The separation of ownership from management
E An increase in unit cost

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