Waec Economics Past Questions and Answers

Question 11:

• WAEC 1988

Which of the following is not an advantage of price control?

A. Control of inflation
B. Distortion of price mechanism
C. Prevention of exploitation
D. Control of producer’s profit
E. Helping low income earners

Question 12:

• WAEC 1988

Which of these factors does not cause a change in demand?

A. Income
B. Taste and fashion
C. Population
D. Price of other commodities
E. Price of the commodity concerned

Question 13:

• WAEC 1988

Price control can be defined as the fixing by Government of maximum or minimum price of

A. Luxury goods
B. Inferior goods
C. Imported capital goods
D. Certain selected goods
E. Goods consumed by low income earners

Question 14:

• WAEC 1988

When the price of commodity A increases, the demand for commodity B decreases, then A and B are

A. Close substitutes
B. Complementary goods
C. Supplementary goods
D. Gifted goods
E. Luxurious goods

Question 15:

• WAEC 1988

When the demand for a commodity is inelastic, total revenue will fall if

A. Price is increased
B. Price is reduced
C. Price remains constant
D. Price is not given
E. The commodity is a luxury