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Economics 1988 WAEC Past Questions

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6
In which of the following economics system is the consumer referred to as ‘The King’?
  • A. Planned economy
  • B. Mixed economy
  • C. Traditional economy
  • D. Free Market economy
  • E. Socialist economy
View Answer & Discuss WAEC 1988
7
Into which of these organization would you classify the International Monetary Fund (IMF) ?
  • A. Political organization
  • B. Trade organization
  • C. Financial organization
  • D. Social organization
  • E. Commercial organization
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8
A normal demand curve is
  • A. Is concave to the point of origin
  • B. Is convex to the point of origin
  • C. Is parallel to X axis
  • D. Is parallel to Y axis
  • E. Slopes upwards from left to right
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Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
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9
A demand schedule is
  • A. A table containing the price of goods
  • B. A table showing the relationship between price and quantity demanded of a commodity
  • C. A table showing the consumer demand on order of importance
  • D. The quantity of goods the consumer is prepared to buy
  • E. The market demand
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10
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
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