2006 - WAEC Economics Past Questions and Answers - page 2
11
one of the factors affecting geographical distribution of population is
A
high birth rate
B
high death rate
C
encouragement of early marriage in the rural area
D
climate conditions of the different parts of the country
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12
Standardization of products or services is a feature of
A
large firms
B
retailer
C
small firms
D
wholesaler
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13
The amount of satisfaction obtained from the consumption of a commodity at a particular time is called
A
marginal utility
B
diminishing return
C
total utility
D
average utility
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14
what are inferior goods? These are goods
A
that are generally in short supply
B
that are no longer in demand
C
whose demand falls as income increase
D
whose price falls as demand increases
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15
In the analysis of utility theory, the basis of demand is
A
marginal utility
B
average utility
C
fixed utility
D
diminishing utility
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16
In the normal market situation , when the price of a commodity rises the
A
demand for the commodity will rise
B
demand for the commodity will fall
C
supply of the commodity will be constant
D
supply of the commodity will fall
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17
when the quantity of a commodity supplied increases and the quantity demanded decreases , there will be
A
a rise in price
B
no change in price
C
price fluctuation
D
a fall in price
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18
the market price of a commodity is normally determined by the
A
law of demand
B
interaction of the force of demand and supply
C
total number of people in the market
D
total quantity of the commodity in the market
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19
The mechanism which allows the price of a commodity to be fixed either above or below the equilibrium is known as
A
monopolistic competition
B
price discrimination
C
perfect competitive market
D
price control
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20
A debenture holder is entitled to payment in the form of
A
allowance
B
interest
C
salary
D
donation
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