by Sunday | Jan 2 | Economics WAEC
A. there is an increase in taxes on inputs B. government increases subsidies C. rural-urban migration is encouraged D. the price of the commodity increases Correct Answer: Option D – the price of the commodity increases Explanation One of the law of supply is,...
by Sunday | Jan 2 | Economics WAEC
A. competitive goods B. composite goods C. jointly supplied D. derived goods Correct Answer: Option A – competitive goods Explanation Competitive goods means goods and/or services that meet the same buyer or customer needs as one or more goods and /or services...
by Sunday | Jan 2 | Economics WAEC
A. negatively sloped B. positively sloped C. vertical D. horizontal Correct Answer: Option B – positively sloped Explanation Ostentation goods are goods that are expensive such as jewelries, gold wrist watch etc. The higher the price, the higher the quantity...
by Sunday | Jan 2 | Economics WAEC
A. in complementary demand B. of the same quality C. in composite demand D. in competitive demand Correct Answer: Option D – in competitive demand Explanation Competitive demand is also known as subtituted demand. There are alternative commodities which can...
by Sunday | Jan 2 | Economics WAEC
A. $ 90.00 B. $ 180.00 C. $ 324.00 D. $ 350.00 Correct Answer: Option C = $ 324.00 Explanation The contribution of the mining sector = 60% x 540 = 324
by Sunday | Jan 2 | Economics WAEC
A. leads to low production of goods and services B. requires large number of officials to operate C. considers individual consumers’ satisfaction D. worsens income inequality among the citizens Correct Answer: Option D – worsens income inequality among the...
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