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1436
Which of the following is not an advantage of price control?
  • A. Control of inflation
  • B. Distortion of price mechanism
  • C. Prevention of exploitation
  • D. Control of producer’s profit
  • E. Helping low income earners
View Answer & Discuss WAEC 1988
1437

Which of these factors does not cause a change in demand?

  • A. Income
  • B. Taste and fashion
  • C. Population
  • D. Price of other commodities
  • E. Price of the commodity concerned
View Answer & Discuss (8) WAEC 1988
1438
Price control can be defined as the fixing by Government of maximum or minimum price of
  • A. Luxury goods
  • B. Inferior goods
  • C. Imported capital goods
  • D. Certain selected goods
  • E. Goods consumed by low income earners
View Answer & Discuss WAEC 1988
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1439
When the price of commodity A increases, the demand for commodity B decreases, then A and B are
  • A. Close substitutes
  • B. Complementary goods
  • C. Supplementary goods
  • D. Gifted goods
  • E. Luxurious goods
View Answer & Discuss (5) WAEC 1988
1440
When the demand for a commodity is inelastic, total revenue will fall if
  • A. Price is increased
  • B. Price is reduced
  • C. Price remains constant
  • D. Price is not given
  • E. The commodity is a luxury
View Answer & Discuss (1) WAEC 1988
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