Waec Economics 2004 Past Questions and Answers

Question 16:

• WAEC 2004

The distribution of goods is said to be completed when it reaches the

A. Wholesalers
B. Consumers
C. Retailers
D. Manufacturers

Question 17:

• WAEC 2004

The gap between demand and supply curve below the equilibrium price indicates

A. Excess demand
B. Excess supply
C. Equilibrium quantity
D. Equilibrium price

Question 18:

• WAEC 2004

Demand for inferior goods is an example of

A. Expansion of demand
B. Contraction of demand
C. Individual demand
D. Abnormal demand

Question 19:

• WAEC 2004

When a change in price does not affect the quantity demanded of a commodity , the price elasticity of demand is

A. Fairly inelastic
B. Infinitely elastic
C. Perfectly inelastic
D. Unitary elastic

Question 20:

• WAEC 2004

For both the monopolist and the perfectly competitive firm , profit maximizing output occurs at the point where the

A. Marginal cost curves cuts the marginal revenue curve from below
B. Marginal revenue curve cuts the marginal output from above
C. Marginal cost curve intersect the X-axis
D. Marginal revenue curve intersects the Y-axis