Waec Economics 2005 Past Questions and Answers

Question 21:

• WAEC 2005

If elasticity of demand for a commodity is less than one, demand is

A. Unitary elastic
B. Inelastic
C. Infinetelt elastic
D. Zero elastic

Question 22:

• WAEC 2005

The transfer of ownership of a public enterprise to individuals and firms is called

A. Commercialization
B. Nationalization
C. Privatization
D. Restructuring

Question 23:

• WAEC 2005

One-man business are popular in West Africa because of all the following except the

A. Ease of entry
B. Small capital required
C. Limited enterpreneur skills needed
D. Tendency to become joint-stock compsnies

Question 24:

• WAEC 2005

Wholesalers are often criticized because they

A. Help to break the bulk
B. Finance producers
C. Increase prices
D. Provide after-sales services

Question 25:

• WAEC 2005

In which of the following business units are the owners mostly customers?

A. Co-operatives
B. Limited liability companies
C. Partnerships
D. Public corporations