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Economics WAEC Past Questions

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1231

producers operating in a free market economy are more efficient as a resulf of?

  • A. the existence of competition
  • B. the very few number of participants
  • C. the commitment of the shareholders
  • D. government regulation of their activities
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1232

a downward sloping demand curve means that?

  • A. total revenue declines as price is lowered
  • B. demand falls as output rises
  • C. demand falls as output falls
  • D. price must be lowered to sell more
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1233

if the price of commodity X rises and consumers shift to commodity Y, then commodity X and Y are?

  • A. substitutes
  • B. complements
  • C. inferior goods
  • D. bought goods
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1234

goods whose demand vary directly with money income are called?

  • A. inferior goods
  • B. complementary goods
  • C. substitutes
  • D. normal goods
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1235

an exceptional demand curve can result from?

  • A. increase in prices of raw materials
  • B. increase in the size of the population
  • C. expectation of future price increase
  • D. change in taste of the consumer
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