by Sunday | Jan 2 | Economics WAEC
A. 2.00 B. 0.50 C. 0.65 D. 2.50 Correct Answer: Option A Explanation e = ∆Qd/∆P x P/Qd = 30 – 20/ 5 – 4 x 4/ 20 = 10/1 x 4/20 = 2
by Sunday | Jan 2 | Economics WAEC
A. break the monopolies of private companies B. encourage thrift and credit among members C. assist producers to maximize their profits D. promote and maintain the welfare of members Correct Answer: Option D – promote and maintain the welfare of members...
by Sunday | Jan 2 | Economics WAEC
A. the size of the population B. price of the commodity C. income distribution D. taste and fashion Correct Answer: Option B – price of the commodity Explanation Change in demand is also known as shift in demand. A change / shift in demand is caused by taste,...
by Sunday | Jan 2 | Economics WAEC
A. is vertical B. is horizontal C. slopes downward D. slopes upward Correct Answer: Option B – is horizontal Explanation A perfect elastic supply curve is the one in which the supply curve is perfectly horizontal. It is a theoretical curve and such a curve does...
by Sunday | Jan 2 | Economics WAEC
A. Increase in variable inputs B. constant technology C. Land fragmentation D. Technological innovations Correct Answer: Option D – Technological innovations Explanation Law of diminishing returns also known as known as law of variable proportion. It is applied...
by Sunday | Jan 2 | Economics WAEC
A. net factor income B. net indirect taxes C. net national product D. net present value Correct Answer: Option C – net national product Explanation Net National Product is the gross national product minus depreciation i.e NNP = GNP – Depreciation or...
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