Waec Economics Past Questions For Year 2009
Question 11
The main objective of setting up a private business organization is to
- A. protect the interest of the owners
- B. promote exports
- C. provide infrastructure
- D. maximize profits
Question 12
An economic system where the central planning authority determines what goods to produce and in what quantity is known as
- A. market economy
- B. socialist economy
- C. welfare economy
- D. Traditional economy
Question 13
The interaction of supply and demands for labour determines
- A. production
- B. income
- C. wage
- D. profits
Question 14
If an increase in earning leads to more of of a commodity being demanded, the good is said to have
- A. positive income elasticity
- B. negative income elasticity
- C. positive cross elasticity
- D. negative cross elasticity
Question 15
In the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?
- A. An increase in demand for X will increase supply of Y
- B. An increase in demand for X will leave the supply of Y unchanged
- C. An increase in demand for Y will raise the price of X
- D. An increase in demand for X will cause less of Y to be produced
