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Economics 2006 WAEC Past Questions

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16
In the normal market situation , when the price of a commodity rises the
  • A. demand for the commodity will rise
  • B. demand for the commodity will fall
  • C. supply of the commodity will be constant
  • D. supply of the commodity will fall
View Answer & Discuss (1) WAEC 2006
17
when the quantity of a commodity supplied increases and the quantity demanded decreases , there will be
  • A. a rise in price
  • B. no change in price
  • C. price fluctuation
  • D. a fall in price
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18
the market price of a commodity is normally determined by the
  • A. law of demand
  • B. interaction of the force of demand and supply
  • C. total number of people in the market
  • D. total quantity of the commodity in the market
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19
The mechanism which allows the price of a commodity to be fixed either above or below the equilibrium is known as
  • A. monopolistic competition
  • B. price discrimination
  • C. perfect competitive market
  • D. price control
View Answer & Discuss (1) WAEC 2006
20
A debenture holder is entitled to payment in the form of
  • A. allowance
  • B. interest
  • C. salary
  • D. donation
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