WAEC Economics questions

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

All JAMB WAEC

Question 321· Theory of demand· WAEC
Goods that are demanded together, such as cars and petrol, are said to have
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Answer: A. joint demand
Explanation and discussion
Question 322· Theory of demand· WAEC
The demand for salt is price-inelastic mainly because salt
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Answer: B. has no close substitute and takes a small part of income
Explanation and discussion
Question 323· Theory of demand· WAEC
Goods demanded together, such as cars and petrol, are
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Answer: A. complementary goods
Explanation and discussion
Question 324· Theory of price determination· WAEC
When government fixes a maximum price below equilibrium, the result is
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Answer: A. shortages and black markets
Explanation and discussion
Question 325· Theory of price determination· WAEC
A minimum wage set above the market wage is likely to cause
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Answer: B. unemployment
Explanation and discussion
Question 326· Theory of price determination· WAEC
If demand increases and supply remains unchanged, the equilibrium price will
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Answer: B. rise
Explanation and discussion
Question 327· Theory of price determination· WAEC
A maximum price fixed below the equilibrium price leads to
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Answer: B. shortages
Explanation and discussion
Question 328· Theory of price determination· WAEC
Government fixes the pump price of fuel well below the price the market would set. The most likely result is
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Answer: D. long queues and black-market selling
Explanation and discussion
Question 329· Theory of price determination· WAEC
The price at which quantity demanded equals quantity supplied is the
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Answer: C. equilibrium price
Explanation and discussion
Question 330· Theory of price determination· WAEC
Given Qd = 60 − 2P and Qs = 3P − 15, find the quantity bought and sold at equilibrium.
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Answer: C. 30
Explanation and discussion
Question 331· Theory of price determination· WAEC
Equilibrium price is the price at which
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Answer: D. quantity demanded equals quantity supplied
Explanation and discussion
Question 332· Theory of price determination· WAEC
If demand is Qd = 60 − 2P and supply is Qs = 4P, the equilibrium price is
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Answer: D. 10
Explanation and discussion
Question 333· Theory of price determination· WAEC
A minimum wage set above the equilibrium wage may cause
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Answer: B. unemployment
Explanation and discussion
Question 334· Theory of price determination· WAEC
At the equilibrium price,
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Answer: B. quantity demanded equals quantity supplied
Explanation and discussion
Question 335· Theory of price determination· WAEC
An increase in demand with supply unchanged leads to
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Answer: A. higher price and higher quantity
Explanation and discussion
Question 336· Theory of price determination· WAEC
Given Qd = 60 − 2P and Qs = 3P − 15, find the equilibrium price.
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Answer: A. 15
Explanation and discussion
Question 337· Theory of price determination· WAEC
When government fixes a maximum price below the equilibrium price, the likely result is
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Answer: D. a shortage and black markets
Explanation and discussion
Question 338· Theory of production· WAEC
A farmer keeps adding workers to the same plot of land and each extra worker adds less output. This illustrates
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Answer: A. the law of diminishing returns
Explanation and discussion
Question 339· Theory of production· WAEC
Division of labour leads to
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Answer: D. higher output through specialisation
Explanation and discussion
Question 340· Theory of production· WAEC
In economics, the process of production is said to end only when goods
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Answer: A. reach the final consumer
Explanation and discussion

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WAEC Economics questions

Goods that are demanded together, such as cars and petrol, are said to have

The demand for salt is price-inelastic mainly because salt

Goods demanded together, such as cars and petrol, are

When government fixes a maximum price below equilibrium, the result is

A minimum wage set above the market wage is likely to cause

If demand increases and supply remains unchanged, the equilibrium price will

A maximum price fixed below the equilibrium price leads to

Government fixes the pump price of fuel well below the price the market would set. The most likely result is

The price at which quantity demanded equals quantity supplied is the

Given Qd = 60 − 2P and Qs = 3P − 15, find the quantity bought and sold at equilibrium.

Equilibrium price is the price at which

If demand is Qd = 60 − 2P and supply is Qs = 4P, the equilibrium price is

A minimum wage set above the equilibrium wage may cause

At the equilibrium price,

An increase in demand with supply unchanged leads to

Given Qd = 60 − 2P and Qs = 3P − 15, find the equilibrium price.

When government fixes a maximum price below the equilibrium price, the likely result is

A farmer keeps adding workers to the same plot of land and each extra worker adds less output. This illustrates

Division of labour leads to

In economics, the process of production is said to end only when goods