Waec Economics 1993 Past Questions and Answers

Question 26:

• WAEC 1993

A situation in which an increase in demand for certain goods leads to a fall in demand for other goods is known as

A. Joint supply
B. Derived demand
C. Competitive demand
D. Competitive supply
E. Composite demand

Question 27:

• WAEC 1993

A market equilibrium exist when

A. Demand and supply are equal
B. The market is large
C. The price is fluctuating
D. No buyer goes home empty-handed
E. No seller has an unsold stock

Question 28:

• WAEC 1993

The price system is

A. The market price of commodities
B. A market where a single price rules
C. A system of price allocation to the products of the same firm
D. A system of resource allocation through supply and demand interaction
E. A system which the market price is determined only through haggling

Question 29:

• WAEC 1993

The main objective of production by entrepreneur is to

A. Equate marginal revenue with marginal cost
B. Provide employment opportunities
C. Equate total revenue with total cost
D. Equate average revenue with average cost
E. Acumulate wealth for the nation

Question 30:

• WAEC 1993

If price falls below the equilibrium

A. Demand will equal supply
B. Demand will be greater than supply
C. Supply will be greater than demand
D. Price will become indeterminate
E. Quantity supplied will be zero