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Economics Past Questions and Answers

Waec Economics Questions

Question 476:

The price elasticity of coefficient indicates

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A How far business can reduce cost
B The degree of competition
C The extent to which curve shifts
D Consumer responsiveness to price changes
E None of the above

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Question 477:

every society strive to pursue all the following economic objectives except

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A Increase production
B Price stability
C An inequitable distribution of income
D Sustainable growth and income

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Question 478:

which of the following best describes capital as a factor of production?

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A A natural resources found everywhere
B A stock of physical assets used for production
C The organization of human and material resources for production
D Resources used in training labour

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Question 479:

The system whereby goods are exchanged for goods is known as

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A Stock exchange
B Barter system
C Banking
D Co-operative system

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Question 480:

The graph of the function X = a + bY is

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A Linear
B Quadratic
C Cubical
D Exponential

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