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Economics WAEC Past Questions

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186
The real cost of a commodity is
  • A. the cost of the alternative that has to be sacrificed for it
  • B. the alternative that has to be forgone in order to purchase it
  • C. its market price
  • D. the alternative cost involved when the opportunity of buying the commodity is missed
  • E. the sacrifice that is made after buying the commodity
View Answer & Discuss WAEC 1993
187
Public corporation in West Africa are set up to
  • A. make maximum profit
  • B. provide jobs for the people
  • C. provide welfare service for the people
  • D. show that the government can do business
  • E. compete with private enterprises
View Answer & Discuss WAEC 1993
188
Supply in Economics means making
  • A. goods and services available to consumers
  • B. goods available to the market at a given price and at a given period
  • C. available the goods and services which consumers require
  • D. craete goods
  • E. import goods
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189
An inferior goods is one
  • A. that is too bad for consumption
  • B. whose price is lower than the price of other goods
  • C. that is easily perishable
  • D. whose demands fall when the income of its consumer increases
  • E. that is not durable
View Answer & Discuss WAEC 1993
190
Price elasticity of demand is define as the
  • A. responsiveness of demand to change in price
  • B. responsiveness of price to change in demand
  • C. increase in demand resulting form a rise in price
  • D. unit decrease in price resulting from a a fall in demand
  • E. unit increase in quantity demanded when price rises
View Answer & Discuss WAEC 1993
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