Waec Economics Past Questions and Answers

Question 846:

• WAEC 2005

A group of firm producing similar commodities for the same market constitute

A. A cartel
B. An industry
C. A co-operative
D. Wholesaler

Question 847:

• WAEC 2005

a factor that has slowed down the rate of industrial development in West Africa is

A. Inadequate technology
B. Increasing rate of manpower production
C. Increased demand for local goods
D. Intervention of the government in business activities

Question 848:

• WAEC 2005

To achieve an equilibrium position, the consumer must buy so much of each commodity whose price is equal to its

A. Marginal utility
B. Total utility
C. Average utility
D. Variable utility

Question 849:

• WAEC 2005

Price control refers to

A. The way of making more goods available in the market
B. A policy of ensuring stable price in the market
C. A general reduction in the price level
D. Effective working of the forces of demand and supply

Question 850:

• WAEC 2005

The desire for goods without the ability to pay is called

A. Choice
B. Effective demand
C. Joint demand
D. Wants