Economics 2009 WAEC Past Questions

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the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as

A. capital economic system
B. command economic system
C. combined economic system
D. traditional

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In a capitalist economy, resources are

A. collectively owned
B. jointly owned
C. privately owned
D. communally owned

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An economic system where the central planning authority determines what goods to produce and in what quantity is known as

A. market economy
B. socialist economy
C. welfare economy
D. Traditional economy

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The main objective of setting up a private business organization is to

A. protect the interest of the owners
B. promote exports
C. provide infrastructure
D. maximize profits

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The demand and supply function of a commodity are given as below.
Qd = 20 - 2p
Qs = 6p - 12
Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is

A. 2 Naira
B. 4 Naira
C. 6 Naira
D. 20 Naira

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Economics 2009 WAEC Past Questions

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