Waec Economics 2002 Past Questions and Answers

Question 16:

• WAEC 2002

small firms are important for the development of a country because

A. The prices of their products are usually high
B. They render personalized services to the consumers
C. They usually produce goods for the elites
D. They do not normally provide after sales services

Question 17:

• WAEC 2002

A limited liability company is owned by the

A. President of the country
B. Workers
C. General manager
D. Shareholders

Question 18:

• WAEC 2002

The National Electrical Power Authority (NEPA) in Nigeria is a

A. Public Limited Company
B. Private limited company
C. Private authority
D. Public corporation

Question 19:

• WAEC 2002

When elasticity is zero the demand curve is

A. Perfectly elastic
B. Perfectly inelastic
C. Concave
D. Downward sloping

Question 20:

• WAEC 2002

An increase in the demand for butter reduces the demand for margarine, this type of demand is called

A. Competitive demand
B. Elastic demand
C. Derived demand
D. Composite demand