Waec Economics 2013 Past Questions and Answers

Question 36:

• WAEC 2013

If a commodity has a high marginal utility, its market price will be

A. Stable
B. High
C. Zero
D. Constant

Question 37:

• WAEC 2013

Price fluctuation is a feature of

A. Common market
B. Imperfect market
C. Supermarkets
D. Market failure

Question 38:

• WAEC 2013

Which of the following statements is not a feature of a monopoly?

A. Seller is allowed to fix his own price
B. Buyers and sellers are price takers
C. New entrances are restricted
D. There is only one seller of the commodity

Question 39:

• WAEC 2013

The following are advantages of sole proprietorship except

A. Quick and easy decision-making
B. Keeping its business affairs private
C. Assurance of raising huge capital for expansion
D. High level of commitment

Question 40:

• WAEC 2013

Which of the following controls a limited liability company?

A. The general manager
B. The managing director
C. Tax payers
D. The board of directors