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Economics 2008 WAEC Past Questions

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6

Which of the following factors does not cause a change in demand

  • A. Taste and fashion
  • B. vagaries of weather
  • C. price of other commodities
  • D. price of commodity
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7

If good P and Q are jointly demanded, an increase in the price of P will likely

  • A. leave the demand for Q constant but reduce the quantity demanded of P
  • B. reduce the quantity of P but increase the Price of Q
  • C. Increase the quantity supplied of Q
  • D. decrease the quantity demanded of Q
View Answer & Discuss (1) WAEC 2008
8

The gap between demand and supply curves above the equilibrium price is

  • A. normal demand
  • B. excess supply
  • C. equil;ibrium quantity
  • D. abnormal demand
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
9

A major function of the price mechanism is that it determines the

  • A. allocation of resources
  • B. amount of national savings
  • C. population of the country
  • D. number of goods to be taxed
View Answer & Discuss WAEC 2008
10

Which of the following determinants of supply cannot be predicted easily?

  • A. price of the commodity
  • B. new techniques of production
  • C. national emergencies
  • D. mobility of labour
View Answer & Discuss WAEC 2008
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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
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
WAEC offline past questions - with all answers and explanations in one app - Download for free