Waec Economics 2006 Past Questions and Answers

Question 16:

• WAEC 2006

In the analysis of utility theory, the basis of demand is

A. Marginal utility
B. Average utility
C. Fixed utility
D. Diminishing utility

Question 17:

• WAEC 2006

In the normal market situation , when the price of a commodity rises the

A. Demand for the commodity will rise
B. Demand for the commodity will fall
C. Supply of the commodity will be constant
D. Supply of the commodity will fall

Question 18:

• WAEC 2006

when the quantity of a commodity supplied increases and the quantity demanded decreases , there will be

A. A rise in price
B. No change in price
C. Price fluctuation
D. A fall in price

Question 19:

• WAEC 2006

the market price of a commodity is normally determined by the

A. Law of demand
B. Interaction of the force of demand and supply
C. Total number of people in the market
D. Total quantity of the commodity in the market

Question 20:

• WAEC 2006

The mechanism which allows the price of a commodity to be fixed either above or below the equilibrium is known as

A. Monopolistic competition
B. Price discrimination
C. Perfect competitive market
D. Price control