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Economics 1988 WAEC Past Questions

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11

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 (5) WAEC 1988
12
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
13
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 (3) WAEC 1988
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14
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 WAEC 1988
15
The major currency used for granting credits to member countries of the International Monetary Fund (IMF) is the
  • A. US dollars .
  • B. Canadian dollars
  • C. Pounds sterling
  • D. Deutschemark
  • E. Belgian franc
View Answer & Discuss WAEC 1988
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WAEC offline past questions - with all answers and explanations in one app - Download for free
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709