Waec Economics Past Questions and Answers

Question 851:

• WAEC 2005

amount of goods offered to the market at respective prices and presented in a table is called

A. Price schedule
B. Supply schedule
C. Scale of preference
D. Demand schedule

Question 852:

• WAEC 2005

At the equilibrium price, quantity demanded is

A. Greater than quantity supplied
B. Equal to quantity supplied
C. Less than quantity supplied
D. Equal to excess supply

Question 853:

• WAEC 2005

If the government fixed a price of a commodity above equilibrium price, the quantity supplied will be

A. Less than quantity demanded
B. Equal to the qauntity demanded
C. Greater than quantity demanded
D. Equal to zero

Question 854:

• WAEC 2005

one of the factors determining price elasticity of demand for a commodity is the

A. Availability of close substitutes
B. Number of producers
C. Government policy
D. Price of other commodities

Question 855:

• 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