Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
In which of the following business units are the owners mostly customers?
Aco-operatives
Blimited liability companies
Cpartnerships
Dpublic corporations
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Question 502
waec2005
Wholesalers are often criticized because they
Ahelp to break the bulk
Bfinance producers
Cincrease prices
Dprovide after-sales services
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Question 503
waec2005
One-man business are popular in West Africa because of all the following except the
Aease of entry
Bsmall capital required
Climited enterpreneur skills needed
Dtendency to become joint-stock compsnies
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Question 504
waec2005
The transfer of ownership of a public enterprise to individuals and firms is called
Acommercialization
Bnationalization
Cprivatization
Drestructuring
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Question 505
waec2005
If elasticity of demand for a commodity is less than one, demand is
Aunitary elastic
Binelastic
Cinfinetelt elastic
Dzero elastic
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Question 506
waec2005
one of the factors determining price elasticity of demand for a commodity is the
Aavailability of close substitutes
Bnumber of producers
Cgovernment policy
Dprice of other commodities
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Question 507
waec2005
If the government fixed a price of a commodity above equilibrium price, the quantity supplied will be
Aless than quantity demanded
Bequal to the qauntity demanded
Cgreater than quantity demanded
Dequal to zero
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Question 508
waec2005
At the equilibrium price, quantity demanded is
Agreater than quantity supplied
Bequal to quantity supplied
Cless than quantity supplied
Dequal to excess supply
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Question 509
waec2005
amount of goods offered to the market at respective prices and presented in a table is called
Aprice schedule
Bsupply schedule
Cscale of preference
Ddemand schedule
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Question 510
waec2005
The desire for goods without the ability to pay is called
Achoice
Beffective demand
Cjoint demand
Dwants
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Question 511
waec2005
Price control refers to
Athe way of making more goods available in the market
Ba policy of ensuring stable price in the market
Ca general reduction in the price level
Deffective working of the forces of demand and supply
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Question 512
waec2005
To achieve an equilibrium position, the consumer must buy so much of each commodity whose price is equal to its
Amarginal utility
Btotal utility
Caverage utility
Dvariable utility
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Question 513
waec2005
a factor that has slowed down the rate of industrial development in West Africa is
Ainadequate technology
Bincreasing rate of manpower production
Cincreased demand for local goods
Dintervention of the government in business activities
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Question 514
waec2005
A group of firm producing similar commodities for the same market constitute
Aa cartel
Ban industry
Ca co-operative
Dwholesaler
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Question 515
waec2005
Age distribution is important because it helps the government to
Acheck rural-urban drift
Bdetermines the number of foreigners
Cdetermines the number of factories
Dundertake effective planning
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Question 516
waec2005
which of the following determines the size of a country's population ? (I) Birth rate (II) Death rate (III) Migration rate (IV) Importation rate (V) Unemployment rate
A(I), (II) and (V)
B(II) and (IV)
C(I),(II) and (III)
D(IU) and (V)
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Question 517
waec2005
when a worker changes from one tye of job to another, it is called
Ageographical mobility of labour
Boccupational mobility of labour
Cimmobility of labour
Drural-urban migration
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Question 518
waec2005
when all factors input are reduced by half, the production possibility curve will shift
Aoutwards
Binwards
Cdownwards
Dupwards
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Question 519
waec2005
The production factor, whose entire world supply is fixed is
Aland
Bskilled labour
Ccapital goods
Dentrepreneur
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Question 520
waec2005
The remuneration of the entrepreneur as a factor of production is called
