WAEC Economics questions

367 questions with answers and explanations. Tap an option to check yourself.

All JAMB WAEC

Question 301· Theory of costs and revenue· WAEC
In the short run a firm will continue production as long as price covers
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Answer: D. average variable cost
Explanation and discussion
Question 302· Theory of costs and revenue· WAEC
A firm sells 50 units at ₦40 each. Its total revenue is
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Answer: A. ₦2,000
Explanation and discussion
Question 303· Theory of demand· WAEC
The demand for labour is described as derived demand because labour is demanded
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Answer: C. for what it helps to produce
Explanation and discussion
Question 304· Theory of demand· WAEC
A rise in consumers' incomes leads to a fall in the demand for
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Answer: C. an inferior good
Explanation and discussion
Question 305· Theory of demand· WAEC
If the price of a good rises from ₦10 to ₦12 and quantity demanded falls from 100 to 80 units, the price elasticity of demand is
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Answer: C. 1.0
Explanation and discussion
Question 306· Theory of demand· WAEC
A change in demand caused by a rise in income shifts the demand curve
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Answer: C. to the right
Explanation and discussion
Question 307· Theory of demand· WAEC
Effective demand is the desire for a commodity backed by
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Answer: B. the ability and willingness to pay
Explanation and discussion
Question 308· Theory of demand· WAEC
A rise in the price of tea leads to a rise in the demand for coffee. Tea and coffee are
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Answer: D. substitutes
Explanation and discussion
Question 309· Theory of demand· WAEC
A rise in the price of tea is likely to increase the demand for coffee because the two goods are
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Answer: A. substitutes
Explanation and discussion
Question 310· Theory of demand· WAEC
An increase in the price of tea will increase the demand for
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Answer: D. coffee
Explanation and discussion
Question 311· Theory of demand· WAEC
As Musa's income rises, he buys less garri and more rice. For Musa, garri is
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Answer: C. an inferior good
Explanation and discussion
Question 312· Theory of demand· WAEC
A demand curve normally slopes downwards from left to right because
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Answer: D. more is bought at lower prices
Explanation and discussion
Question 313· Theory of demand· WAEC
The price elasticity of demand for a product is 0.4. A 10% rise in its price will reduce the quantity demanded by
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Answer: D. 4%
Explanation and discussion
Question 314· Theory of demand· WAEC
The price of a good rises from ₦100 to ₦120 and quantity demanded falls from 50 to 45 units. The price elasticity of demand is
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Answer: A. 0.5
Explanation and discussion
Question 315· Theory of demand· WAEC
Demand for salt is price-inelastic because
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Answer: C. it takes a small part of income and has few substitutes
Explanation and discussion
Question 316· Theory of demand· WAEC
Price elasticity of demand is 2.5. Demand for the good is
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Answer: A. elastic
Explanation and discussion
Question 317· Theory of demand· WAEC
If a 10% fall in price leads to a 20% rise in quantity demanded, demand is
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Answer: C. elastic
Explanation and discussion
Question 318· Theory of demand· WAEC
Goods whose demand falls as income rises are
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Answer: B. inferior goods
Explanation and discussion
Question 319· Theory of demand· WAEC
According to the law of demand, when all other factors remain constant,
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Answer: A. the lower the price, the higher the quantity demanded
Explanation and discussion
Question 320· Theory of demand· WAEC
When the price of a good rises from ₦100 to ₦120, quantity demanded falls from 50 to 40 units. Find the price elasticity of demand.
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Answer: B. 1
Explanation and discussion

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WAEC Economics questions

In the short run a firm will continue production as long as price covers

A firm sells 50 units at ₦40 each. Its total revenue is

The demand for labour is described as derived demand because labour is demanded

A rise in consumers' incomes leads to a fall in the demand for

If the price of a good rises from ₦10 to ₦12 and quantity demanded falls from 100 to 80 units, the price elasticity of demand is

A change in demand caused by a rise in income shifts the demand curve

Effective demand is the desire for a commodity backed by

A rise in the price of tea leads to a rise in the demand for coffee. Tea and coffee are

A rise in the price of tea is likely to increase the demand for coffee because the two goods are

An increase in the price of tea will increase the demand for

As Musa's income rises, he buys less garri and more rice. For Musa, garri is

A demand curve normally slopes downwards from left to right because

The price elasticity of demand for a product is 0.4. A 10% rise in its price will reduce the quantity demanded by

The price of a good rises from ₦100 to ₦120 and quantity demanded falls from 50 to 45 units. The price elasticity of demand is

Demand for salt is price-inelastic because

Price elasticity of demand is 2.5. Demand for the good is

If a 10% fall in price leads to a 20% rise in quantity demanded, demand is

Goods whose demand falls as income rises are

According to the law of demand, when all other factors remain constant,

When the price of a good rises from ₦100 to ₦120, quantity demanded falls from 50 to 40 units. Find the price elasticity of demand.