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Economics Past Questions and Answers

Waec Economics Questions

Question 491:

income elasticity of demand is measurement of the responsiveness of

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A Price to change in income
B Quantity demanded to change in income
C Change in expenditure to change in income
D Change in expenditure to change in price of the commodity

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Question 492:

The establishment of industries in rural areas will help to reduce

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A Urban-rural migration
B Urban-urban migration
C Rural-urban migration
D Rural-rural migration

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Question 493:

Government imposes taxes mainly to

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A Punish the citizens
B Provide social amenities
C Donates to poorer countries
D Execute white elephant projects

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Question 494:

In a perfect market price and quantity to be bought are determined by the

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A Consumers and retailers
B Producers and wholesalers
C Forces of demand and supply
D Interest of government and producers

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Question 495:

When price elasticity of supply is equal to 0.4, supply is said to be

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A Inelastic
B Elastic
C Unitary elastic
D Public utilities

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