Economics WAEC - Erudites Academy

The supply curve of a locally-produced good may shift to the right if?

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,...

An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are

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...

The demand curve for goods of ostentation is usually?

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...

The increase in the demand for a commodity may lead to a decrease in the demand for another if both are?

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...

The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540; what is the contribution of the mining sector?

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

A major disadvantage of a capitalist economy is that it?

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...

The supply curve of a locally-produced good may shift to the right if?

An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are

The demand curve for goods of ostentation is usually?

The increase in the demand for a commodity may lead to a decrease in the demand for another if both are?

The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540; what is the contribution of the mining sector?

A major disadvantage of a capitalist economy is that it?

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