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.
A society that operates below the production possibility curve is using its productive resources
Aoptimally
Befficiently
Cinefficiently
Dmaximally
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Question 933
waec2009
which of the following sector is most capital intensive?
Ainsurance
Bpetroleum
Ccommerce
Dtourism
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Question 934
waec2009
who among the following is the intermediary between the producer and the retailer?
Aagent
Bwholesaler
Cconsumer
Ddistributor
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Question 935
waec2009
The relationship between Marginal Product (MP) and Average Product (AP) is such that they are equal when
Aaverage product is maximum
BAverage product is minimum
CMarginal Product is maximum
DMarginal Product is increasing
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Question 936
waec2009
A consumer maximizes his utility in consuming a good 'X' when
AMux = Px
BPx > Mux
Cprice is falling
DMux > Px
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Question 937
waec2009
Government fixing of prices below the equilibrium point is aimed at protecting the
Asellers
Bindustries
Cdistributors
Dconsumers
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Question 938
waec2009
The interaction of supply and demands for labour determines
Aproduction
Bincome
Cwage
Dprofits
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Question 939
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 940
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 941
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 942
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 943
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 944
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 945
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 946
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 947
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 948
waec2009
In a capitalist economy, resources are
Acollectively owned
Bjointly owned
Cprivately owned
Dcommunally owned
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Question 949
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 950
waec2009
All the following are features of market economies except
Acompetition among producers
Bdemand and supply force guiding production decision
