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Economics 2013 WAEC Past Questions

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36

Price fluctuation is a feature of

  • A. common market
  • B. imperfect market
  • C. supermarkets
  • D. market failure
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37

Which of the following statements is not a feature of a monopoly?

  • A. Seller is allowed to fix his own price
  • B. Buyers and sellers are price takers
  • C. New entrances are restricted
  • D. There is only one seller of the commodity
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38

The following are advantages of sole proprietorship except

  • A. quick and easy decision-making
  • B. keeping its business affairs private
  • C. assurance of raising huge capital for expansion
  • D. high level of commitment
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39

Which of the following controls a limited liability company?

  • A. the general manager
  • B. the managing director
  • C. tax payers
  • D. the board of directors
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40
Given that Qd = 80 - 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is $3?
  • A. 86 units
  • B. 80 units
  • C. 76 units
  • D. 74 units
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