WAEC Economics questions

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

Question 361· Theory of supply· WAEC
A subsidy to producers will
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Answer: D. increase supply
Explanation and discussion
Question 362· Theory of supply· WAEC
Good weather that increases the harvest of tomatoes will
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Answer: D. shift the supply curve to the right
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Question 363· Theory of supply· WAEC
Supply of agricultural products is inelastic in the short run because
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Answer: B. production takes time
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Question 364· Theory of supply· WAEC
An increase in the cost of production will cause the supply curve to
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Answer: D. shift to the left
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Question 365· Theory of supply· WAEC
The supply of fresh tomatoes is fairly inelastic in the short run because
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Answer: A. output cannot be increased quickly
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Question 366· Theory of supply· WAEC
Supply is defined as the quantity of a good that sellers are
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Answer: C. willing and able to offer for sale at a given price and time
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Question 367· Theory of supply· WAEC
Supply is said to be perfectly inelastic when
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Answer: B. quantity supplied does not change as price changes
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A subsidy to producers will