2007 - WAEC Economics Past Questions and Answers - page 2
11
The lower the price of a commodity, the greater the quantity demanded. This is based on the assumption that the consumers’
A
income is diminished
B
income remains the same
C
utility is diminished
D
population is high
correct option: b
Users' Answers & Comments12
The demand for beans in bags is given by the function Q - 36 + 0, 4P = 0. Where P is price in naira and Q is quantity, find Q when P = 20 naira.
A
12 bags
B
24 bags
C
28 bags
D
30 bags
correct option: c
Users' Answers & Comments13
If the price of goods X rises and the quantity demanded of goods Y increases then the two goods X and Y must be
A
inferior goods
B
substitutes
C
complements
D
free goods
correct option: b
Users' Answers & Comments14
in a situation where demand is perfectly elastic , imposition of tax on a commodity to raise its price will result in
A
consumers increasing their demand for the product
B
consumers' demand for the product remaining unchanged
C
consumers shifting completely to substitute products
D
suppliers increasing the supply of the product
correct option: c
Users' Answers & Comments15
Patents are examples of
A
natural barriers to entry
B
legal barriers to entry
C
illegal barriers to entry
D
unnatural barriers to entry
correct option: b
Users' Answers & Comments16
which of the following is a characteristics of monopoly
A
many sellers
B
Homogenous commodity
C
a single seller
D
Perfect knowledge
correct option: c
Users' Answers & Comments17
when a firm is nationalized ,
A
former owners are removed without compensation
B
it has the right o draw on state funds for capital investment
C
it must break even within a specific period
D
workers take control of the firm
correct option: b
Users' Answers & Comments18
The practice whereby a business is owned by two or more independent firms is termed
A
indigenization
B
joint venture
C
commercialization
D
foreign investment
correct option: b
Users' Answers & Comments19
The main objective of privatizing a government business is to
A
create additional employment
B
increase expenditure
C
source for new funds
D
increase the level of efficiency
correct option: d
Users' Answers & Comments20
the return of investment that is just sufficient to satisfy the owner of a business is called?
A
economic profit
B
business profit
C
normal profit
D
excess profit
correct option: c
Users' Answers & Comments