Waec Economics 1990 Past Questions and Answers

Question 6:

• WAEC 1990

Demand in Economics is synonymous with

A. Needs
B. Wants of the consumer
C. All goods demanded in the market
D. Wants supported with ability to pay
E. All consumers goods

Question 7:

• WAEC 1990

All the following factors will cause a change in demand except

A. The consumer's income
B. The consumer's taste
C. A change in population size
D. A change in weather condition
E. The price of commodity

Question 8:

• WAEC 1990

A rational consumer tends to do all the following except

A. Buying more at a high price than at a low price
B. Buying more at a low price than at a high price
C. Buying at utility maximization
D. Reacting to price changes
E. Complying with the law of demand

Question 9:

• WAEC 1990

A firm that charges different price of goods or services that have same technical qualities is called

A. A perfect competitor
B. A monopsony
C. An oligopoly
D. A discriminating monopoly
E. A duopoly

Question 10:

• WAEC 1990

A perfect market has all the following features except that

A. There are many buyers and few sellers
B. The commodities bought and sold are homogenous
C. There is free entry and exit
D. Buyers and sellers have perfect knowledge of the market
E. There is only one ruling price