Waec Economics Past Questions and Answers

Question 1686:

• WAEC 1996

All the following are the economic reasons for establishing public enterprises except the provision of ,

A. An avenue for expressing national prestige
B. Services at a cheaper cost
C. Socially necessary facilities
D. Services which are natural monopolies
E. Employment opportunities

Question 1687:

• WAEC 1996

The unemployment associated with decrease in demand is referred to as

A. Disguised
B. Imposed
C. Cyclical
D. Voluntary
E. Functional

Question 1688:

• WAEC 1996

Monopoly can best be described as a market in which

A. A single seller sells a product which has no close substitute
B. Few sellers sell a product s at different prices
C. The entry of other firms is restricted by the few firms in the market
D. Two or more sellers sell a product which is differentiated
E. A single buyer buys a product which has no close substitutes

Question 1689:

• WAEC 1996

which of the following market structure are imperfect in competition. I monopoly II duopoly III oligopoly

A. I only
B. II and III only
C. I and II only
D. I and III only
E. I,II and III only

Question 1690:

• WAEC 1996

Demand-pull inflation results when there is

A. Inadequate improvement in the wage rate of workers
B. Execessive demand due to high purchasing power
C. Excessive supply of raw materials for production
D. Rise in productivity of the factors of production
E. Excessive rise in the standard of living