Waec Economics Past Questions and Answers

Question 1356:

• 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 1357:

• 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 1358:

• 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

Question 1359:

• WAEC 2013

Given that Qd = 80 - 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is $3?

A. 86 units
B. 80 units
C. 76 units
D. 74 units

Question 1360:

• WAEC 2013

The main advantage of large scale production is that

A. Unit cost of production falls
B. Decision -making is quick
C. Worker-managemnet relationship is improved
D. The quality of the product increases