2008 - WAEC Economics Past Questions and Answers - page 2
11
Which of the following determinants of supply cannot be predicted easily?
A
price of the commodity
B
new techniques of production
C
national emergencies
D
mobility of labour
correct option: c
Users' Answers & Comments12
If the co-efficient of elasticity of demand is 1.5, then the demand is
A
fairly inelastic
B
perfectly elastic
C
elastic
D
inelastic
correct option: c
Users' Answers & Comments13
Small scale enterprises are important in a country because
A
they usually produce goods for the dependants
B
they provide after-sales servie only to the rich
C
the price of their products are fixed
D
they render personalized service to the consumers
correct option: d
Users' Answers & Comments14
In the long run all factors of production are
A
expensive
B
variable
C
durable
D
fixed
correct option: b
Users' Answers & Comments15
The transformation curve slopes indicates that
A
opportunity cost of producing one commodity for another
B
opportunity cost of producing two commodities at a time
C
sales of the plants to other investors
D
decrease in the cost of production
correct option: a
Users' Answers & Comments16
Which of the following is regarded as fixed cost?
A
expenditure on raw materials
B
expenditure on fuel
C
expenditure on power
D
rent on land
correct option: d
Users' Answers & Comments17
Revenue is the
A
cost of good multiplied by the quantity sold
B
price of goods multiplied by the quantity sold
C
quantity of goods plus purchase price
D
quantity supplied less quantity sold
correct option: b
Users' Answers & Comments18
A business outfit is said to be a public limited company when it
A
is owned by the government
B
operates as a public corporations
C
is run by the public
D
selld its shares to members of the public
correct option: d
Users' Answers & Comments19
The main characteristics of an ordinary shares are
A
maximum risk, fixed dividends, voting rights
B
minimum risks, fixed dividends, no voting rights
C
maximum risks, variable dividends, voting rights
D
minimum risks. fixed dividends, no voting rights
correct option: c
Users' Answers & Comments20
the monopolist can determine
A
price and output
B
price only
C
output only
D
price or output
correct option: d
Users' Answers & Comments