Waec Economics Past Questions For Year 2009
Question 16
At a co-efficient of price elasticity of supply of 0.5, supply is
- A. perfectly inelastic
- B. inelastic
- C. perfectly elastic
- D. elastic
Question 17
If a fall in price of one commodity leads to an increase supply of another commodity, both commodities have
- A. composite supply
- B. joint supply
- C. competitive supply
- D. short run supply
Question 18
Which of the following sectors is most capital-intensive?
- A. insurance
- B. petroleum
- C. commerce
- D. tourism
Question 19
who among the following is the intermediary between the producer and the retailer?
- A. agent
- B. wholesaler
- C. consumer
- D. distributor
Question 20
The relationship between Marginal Product (MP) and Average Product (AP) is such that they are equal when
- A. average product is maximum
- B. Average product is minimum
- C. Marginal Product is maximum
- D. Marginal Product is increasing
