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Economics Past Questions

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1801
one way of solving the problem of scarcity that faces the individuals is for
  • A. the government to import goods massively so that the citizen can get all they want
  • B. them to work very hard so that they are able to buy all their wants
  • C. them to choose between alternative since they cannot meet all their wants
  • D. the government to study people's behaviour in order to know their wants
  • E. them to use their resources as they want
View Answer & Discuss WAEC 1998
1802
At what price will a trader be ready to sell 6 oranges using the equilibrium below. p = 1/2 q + 2. where p is price and q is quantity?
  • A. N3.00
  • B. N4.00
  • C. N5.00
  • D. N6.00
  • E. N8.00
View Answer & Discuss (1) WAEC 1998
1803
If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to
  • A. cut costs
  • B. maximize costs
  • C. increase profits
  • D. maximize utility
  • E. manage scarce resources
View Answer & Discuss WAEC 1998
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1804

which of the following will shift the demand curve for Milo to the right?

  • A. an increase in consumer's income
  • B. a rise in the price of Milo
  • C. a tax on cocoa producers
  • D. a fall in the quantity demanded of Milo
  • E. fall in the price of Milo
View Answer & Discuss (1) WAEC 1998
1805
An ?exceptional demand is one in which
  • A. supplier sells all that he takes to the market
  • B. consumers do not buy from the market
  • C. quantity demanded falls as price falls
  • D. purchase of services and not products is considered
  • E. quantity demanded and price moves in opposite direction
View Answer & Discuss WAEC 1998
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