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Economics 2005 WAEC Past Questions

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16
amount of goods offered to the market at respective prices and presented in a table is called
  • A. price schedule
  • B. supply schedule
  • C. scale of preference
  • D. demand schedule
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17
At the equilibrium price, quantity demanded is
  • A. greater than quantity supplied
  • B. equal to quantity supplied
  • C. less than quantity supplied
  • D. equal to excess supply
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18
If the government fixed a price of a commodity above equilibrium price, the quantity supplied will be
  • A. less than quantity demanded
  • B. equal to the qauntity demanded
  • C. greater than quantity demanded
  • D. equal to zero
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19
one of the factors determining price elasticity of demand for a commodity is the
  • A. availability of close substitutes
  • B. number of producers
  • C. government policy
  • D. price of other commodities
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20
If elasticity of demand for a commodity is less than one, demand is
  • A. unitary elastic
  • B. inelastic
  • C. infinetelt elastic
  • D. zero elastic
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