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1636
The price system is
  • A. the market price of commodities
  • B. a market where a single price rules
  • C. a system of price allocation to the products of the same firm
  • D. a system of resource allocation through supply and demand interaction
  • E. a system which the market price is determined only through haggling
View Answer & Discuss (2) WAEC 1993
1637
The main objective of production by entrepreneur is to
  • A. equate marginal revenue with marginal cost
  • B. provide employment opportunities
  • C. equate total revenue with total cost
  • D. equate average revenue with average cost
  • E. acumulate wealth for the nation
View Answer & Discuss WAEC 1993
1638
If price falls below the equilibrium
  • A. Demand will equal supply
  • B. Demand will be greater than supply
  • C. Supply will be greater than demand
  • D. Price will become indeterminate
  • E. Quantity supplied will be zero
View Answer & Discuss WAEC 1993
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1639
Which of the following is not a source of finance for a one-man business?
  • A. money lenders
  • B. inheritance
  • C. loans from insurance companies
  • D. loans from banks
  • E. Sales of shares
View Answer & Discuss WAEC 1993
1640
Land is a most significant factor in terms of contribution to the economy because
  • A. it enables us to build industries
  • B. we build houses on it
  • C. all our highways are constructed on it
  • D. we get a lot of fishes from it
  • E. vital resources from it enrich the economy
View Answer & Discuss WAEC 1993
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