2004 - WAEC Economics Past Questions and Answers - page 2
11
An entrepreneur is likely to make more profits when
A
expenditure is more than revenue
B
competitors charge lower prices
C
costs per unit output falls
D
quantity of output reduces
12
Natural growth rate is
A
birth rate less death rate
B
death rate less migration
C
death rate plus birth rate
D
birth rate plus migration
13
A major effect of ageing population is
A
reduced labour force
B
rise in price of commodities
C
reduced infrastructures
D
neglect of agriculture
14
One of the problems associated with the middlemen in the distribution of goods is that he
A
buys in large quantities
B
hoards goods
C
grants credit to the retailers
D
sells varieties of goods
15
The distribution of goods is said to be completed when it reaches the
A
wholesalers
B
consumers
C
retailers
D
manufacturers
16
The gap between demand and supply curve below the equilibrium price indicates
A
excess demand
B
excess supply
C
equilibrium quantity
D
equilibrium price
17
Demand for inferior goods is an example of
A
expansion of demand
B
contraction of demand
C
individual demand
D
abnormal demand
18
When a change in price does not affect the quantity demanded of a commodity , the price elasticity of demand is
A
fairly inelastic
B
infinitely elastic
C
perfectly inelastic
D
unitary elastic
19
For both the monopolist and the perfectly competitive firm , profit maximizing output occurs at the point where the
A
marginal cost curves cuts the marginal revenue curve from below
B
marginal revenue curve cuts the marginal output from above
C
marginal cost curve intersect the X-axis
D
marginal revenue curve intersects the Y-axis
20
The market structure in which the operation are many and none of them can influence the price is
A
imperfect market
B
perfect market
C
oligopolistic
D
stock market
Loading lesson…