2003 - WAEC Economics Past Questions and Answers - page 3
21
Price elasticity supply measures the responsiveness of quantity supplied to
A
change in suppliers' income
B
change in price of otther commodities
C
a change in the rpice of the commodities
D
a change in the demand for the products
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22
The most common type of business in West African countries is
A
joint-stock companies
B
sole proprietorships
C
Partnership
D
public enterprises
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23
Which of the following is a type of business organization?
A
stock exchange
B
insurance company
C
chain stores
D
co-operatives
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24
one advantage of the sole proprietor is that
A
control and supervise is under one man
B
accounts must be publisized
C
it is always successful
D
funds are easy to obtain
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25
The shares which do not carry any fixed rate of dividend are known as
A
debenture
B
cummulative preference shares
C
ordianry shares
D
participating preferencial shares
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26
The economic goals of public corporation is to
A
maximize profits
B
expand assets
C
minimize cost
D
provide essential services
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27
one of the factors responsible for low agricultural production in West Africa is
A
inadequate labour
B
shortage of lands
C
inadequate implements
D
inadequate research
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28
Efficient distribution of goods in West Africa will be facilitated by
A
poor storage facility
B
adequate transportation system
C
high standard of living
D
high cost of living
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29
The demand for money is
A
derived demand
B
composite demand
C
joint demand
D
complimentary demand
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30
money becomes a very poor store of value in a period of
A
deflation
B
depression
C
recession
D
inflation
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