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Economics 2007 WAEC Past Questions

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11
The lower the price of a commodity, the greater the quantity demanded. This is based on the assumption that the consumers’
  • A. income is diminished
  • B. income remains the same
  • C. utility is diminished
  • D. population is high
View Answer & Discuss WAEC 2007
12

The demand for beans in bags is given by the function Q - 36 + 0.4P = 0.

Where P is price in naira and Q is quantity.

Find Q when P = 20 naira.

  • A. 12 bags
  • B. 24 bags
  • C. 28 bags
  • D. 30 bags
View Answer & Discuss (5) WAEC 2007
13
If the price of goods X rises and the quantity demanded of goods Y increases then the two goods X and Y must be
  • A. inferior goods
  • B. substitutes
  • C. complements
  • D. free goods
View Answer & Discuss WAEC 2007
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14
in a situation where demand is perfectly elastic , imposition of tax on a commodity to raise its price will result in
  • A. consumers increasing their demand for the product
  • B. consumers' demand for the product remaining unchanged
  • C. consumers shifting completely to substitute products
  • D. suppliers increasing the supply of the product
View Answer & Discuss WAEC 2007
15
Patents are examples of
  • A. natural barriers to entry
  • B. legal barriers to entry
  • C. illegal barriers to entry
  • D. unnatural barriers to entry
View Answer & Discuss WAEC 2007
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