WAEC (WASSCE) Economics Past Questions & CBT Practice

The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5,7, 6, 8, 9 and 7. What is the median mark?

1. A.7✓ Correct
2. B.8.5
3. C.8
4. D.7.5

When total revenue increases as price falls, the coefficient of price elasticity of demand is

1. A.greater than one.✓ Correct
2. B.one
3. C.less than one
4. D.zero

National income is calculated mainly to

1. A.determine how income is to shared
2. B.help firms generate more funds
3. C.determine aid to to be received from other nations
4. D.determine the level of sectoral performance✓ Correct

Capital market operators deal in the

1. A.supply of and demand for short term loans only.
2. B.supply of and demand for long term loans for investment.✓ Correct
3. C.sales and purchases of treasury bills.
4. D.sales and purchases of capital equipment.

A fall in the price of a normal commodity which has elastic demand will result in

1. A.a fall in demand
2. B.a fall in quantity demanded
3. C.an increase in revenue✓ Correct
4. D.a decrease in revenue

The law of demand will not hold when

1. A.normal goods are involved.
2. B.size of the population changes.
3. C.rare commodities are involved.✓ Correct
4. D.incomes of consumers increase.