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Economics 2022 WAEC Past Questions

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1

The sufficient condition for a firm to be in equilibrium is that the

  • A. marginal revenue curve is above the average revenue curve
  • B. marginal cost curve cuts the marginal revenue curve from below
  • C. firm must show that it is profitable
  • D. marginal cost must be equal to average revenue
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2

A minimum price legislation is also called

  • A. price ceiling
  • B. price mechanism
  • C. price control
  • D. price floor
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3

Which of the following factors is not a cause of change in demand? Changes in

  • A. the size of the population
  • B. price of the commodity
  • C. income distribution
  • D. taste and fashion
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4

Cooperative societies are formed mainly to

  • A. break the monopolies of private companies
  • B. encourage thrift and credit among members
  • C. assist producers to maximize their profits
  • D. promote and maintain the welfare of members
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5

If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

  • A. 2.00
  • B. 0.50
  • C. 0.65
  • D. 2.50
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Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
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
WAEC offline past questions - with all answers and explanations in one app - Download for free