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The demand and supply function of a commodity are given as below.
Qd = 20 - 2p
Qs = 6p - 12
Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is
A2 Naira
B4 Naira
C6 Naira
D20 Naira
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Question 22
waec2009
The main objective of setting up a private business organization is to
Aprotect the interest of the owners
Bpromote exports
Cprovide infrastructure
Dmaximize profits
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Question 23
waec2009
An economic system where the central planning authority determines what goods to produce and in what quantity is known as
Amarket economy
Bsocialist economy
Cwelfare economy
DTraditional economy
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Question 24
waec2009
In a capitalist economy, resources are
Acollectively owned
Bjointly owned
Cprivately owned
Dcommunally owned
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Question 25
waec2009
the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as
Acapital economic system
Bcommand economic system
Ccombined economic system
Dtraditional
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Question 26
waec2009
All the following are features of market economies except
Acompetition among producers
Bdemand and supply force guiding production decision
Cthat profit motive is paramount
Dpublic ownership of capital
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Question 27
waec2009
A type of unemployment which occurs due to technological progress is called
Africtional unemployment
Bresidual unemployment
Cstructural unemployment
Dmass unemployment
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Question 28
waec2009
choice is necessitated by
Ademand and supply
Bcost of production
Cproduction possibility curve
Dscarcity of resources
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Question 29
waec2009
The concept of opportunity cost is also referred to as
Asocial cost
Breal cost
Cfixed cost
Dvariable cost
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Question 30
waec2009
» the study of economics becomes necessary because of the
