Waec Economics Past Questions and Answers

Question 791:

• WAEC 2004

One of the problems associated with the middlemen in the distribution of goods is that he

A. Buys in large quantities
B. Hoards goods
C. Grants credit to the retailers
D. Sells varieties of goods

Question 792:

• WAEC 2004

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

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

Question 793:

• 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 794:

• 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 795:

• 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