Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Government fixing of prices below the equilibrium point is aimed at protecting the
Asellers
Bindustries
Cdistributors
Dconsumers
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Question 42
waec2009
The interaction of supply and demands for labour determines
Aproduction
Bincome
Cwage
Dprofits
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Question 43
waec2009
If an increase in earning leads to more of of a commodity being demanded, the good is said to have
Apositive income elasticity
Bnegative income elasticity
Cpositive cross elasticity
Dnegative cross elasticity
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Question 44
waec2009
In the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?
AAn increase in demand for X will increase supply of Y
BAn increase in demand for X will leave the supply of Y unchanged
CAn increase in demand for Y will raise the price of X
DAn increase in demand for X will cause less of Y to be produced
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Question 45
waec2009
At a co-efficient of price elasticity of supply of 0.5, supply is
Aperfectly inelastic
Binelastic
Cperfectly elastic
Delastic
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Question 46
waec2009
If a fall in price of one commodity leads to an increase supply of another commodity, both commodities have
Acomposite supply
Bjoint supply
Ccompetitive supply
Dshort run supply
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Question 47
waec2009
When the price of a commodity increases and the quantity demanded also increases, this is a case of
Aexceptional demand
Bderived demand
Ccompetitive demand
Djoint demand
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Question 48
waec2009
The type of demand that exist between torchlight and battery is
Acompetitive demand
Bcomplemetary demand
Ccomposite demand
Djoint demand
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Question 49
waec2009
The demand and supply function of a commodity are given as below.
Qd = 20 - 2p
Qs = 6p - 12
Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is
A2 Naira
B4 Naira
C6 Naira
D20 Naira
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Question 50
waec2009
The main objective of setting up a private business organization is to
Aprotect the interest of the owners
Bpromote exports
Cprovide infrastructure
Dmaximize profits
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Question 51
waec2009
An economic system where the central planning authority determines what goods to produce and in what quantity is known as
Amarket economy
Bsocialist economy
Cwelfare economy
DTraditional economy
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Question 52
waec2009
In a capitalist economy, resources are
Acollectively owned
Bjointly owned
Cprivately owned
Dcommunally owned
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Question 53
waec2009
the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as
Acapital economic system
Bcommand economic system
Ccombined economic system
Dtraditional
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Question 54
waec2009
All the following are features of market economies except
Acompetition among producers
Bdemand and supply force guiding production decision
Cthat profit motive is paramount
Dpublic ownership of capital
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Question 55
waec2009
A type of unemployment which occurs due to technological progress is called
Africtional unemployment
Bresidual unemployment
Cstructural unemployment
Dmass unemployment
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Question 56
waec2009
choice is necessitated by
Ademand and supply
Bcost of production
Cproduction possibility curve
Dscarcity of resources
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Question 57
waec2009
The concept of opportunity cost is also referred to as
Asocial cost
Breal cost
Cfixed cost
Dvariable cost
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Question 58
waec2009
» the study of economics becomes necessary because of the
Alarge population size of the world
Bscarcity of resources
Copportunity cost of goods and services
Dneeds to satisfy every desire of man
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Question 59
jamb2009
Determine the average product of the 4th unit of capital
A53
B86
C212
D213
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Question 60
jamb2009
The marginal product of the 5th unit of capital is
