Waec Economics Past Questions
Question 31
one characteristics of labour is that it is
- A. fixed in demand
- B. fixed in supply
- C. mobile
- D. untrainable
Question 32
The Malthusian theory of population does not concern itself with
- A. growth of food production in arithmetical progression
- B. growth of population in geometric progression
- C. positive check to population growth
- D. development and growth of manpower
Question 33
If the price of goods X rises and the quantity demanded of goods Y increases then the two goods X and Y must be
- A. inferior goods
- B. substitutes
- C. complements
- D. free goods
Question 34
The demand for beans in bags is given by the function Q - 36 + 0.4P = 0.
Where P is price in naira and Q is quantity.
Find Q when P = 20 naira.
- A. 12 bags
- B. 24 bags
- C. 28 bags
- D. 30 bags
Question 35
The lower the price of a commodity, the greater the quantity demanded. This is based on the assumption that the consumers’
- A. income is diminished
- B. income remains the same
- C. utility is diminished
- D. population is high
