Waec Economics 2003 Past Questions and Answers

Question 21:

• WAEC 2003

If the quantity demanded of a commodity increases from 20 to 30 units where there is an increase in price from 4naira to 5 naira, the elasticity of demand is

A. 0.0
B. 1
C. 2
D. 5

Question 22:

• WAEC 2003

Price elasticity supply measures the responsiveness of quantity supplied to

A. Change in suppliers' income
B. Change in price of otther commodities
C. A change in the rpice of the commodities
D. A change in the demand for the products

Question 23:

• WAEC 2003

The most common type of business in West African countries is

A. Joint-stock companies
B. Sole proprietorships
C. Partnership
D. Public enterprises

Question 24:

• WAEC 2003

Which of the following is a type of business organization?

A. Stock exchange
B. Insurance company
C. Chain stores
D. Co-operatives

Question 25:

• WAEC 2003

one advantage of the sole proprietor is that

A. Control and supervise is under one man
B. Accounts must be publisized
C. It is always successful
D. Funds are easy to obtain