2013 - WAEC Economics Past Questions and Answers - page 4
31
All rates of interest in a country are influenced by the
A
bank rate
B
population growth rate
C
wage rate
D
mortgage rate
correct option: a
Users' Answers & Comments32
Exchange control is a weapon used in regulating
A
barter trade
B
stock exchange
C
foreign trade
D
internal trade
correct option: a
Users' Answers & Comments33
When the marginal product is negative,the total product will be
A
constant
B
at a maximum
C
increasing
D
decreasing
correct option: d
When marginal product is at zero, total product is at maximum and when Marginal Product is negative(-) Total Product is decreasing.
34
Physical productivity is affected by all the under listed factors except the
A
state of technology
B
quantity of inputs
C
quality of inputs
D
price of output
correct option: d
Users' Answers & Comments35
If a commodity has a high marginal utility, its market price will be
A
stable
B
high
C
zero
D
constant
correct option: c
Users' Answers & Comments36
Price fluctuation is a feature of
A
common market
B
imperfect market
C
supermarkets
D
market failure
correct option: b
Users' Answers & Comments37
Which of the following statements is not a feature of a monopoly?
A
Seller is allowed to fix his own price
B
Buyers and sellers are price takers
C
New entrances are restricted
D
There is only one seller of the commodity
correct option: b
Users' Answers & Comments38
The following are advantages of sole proprietorship except
A
quick and easy decision-making
B
keeping its business affairs private
C
assurance of raising huge capital for expansion
D
high level of commitment
correct option: c
Users' Answers & Comments39
Which of the following controls a limited liability company?
A
the general manager
B
the managing director
C
tax payers
D
the board of directors
correct option: d
Users' Answers & Comments40
Given that Qd = 80 - 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is $3?
A
86 units
B
80 units
C
76 units
D
74 units
correct option: d
Users' Answers & Comments