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Economics Past Questions and Answers

Economics Questions

Question 2346:
WAEC 1993
A situation in which an increase in demand for certain goods leads to a fall in demand for other goods is known as
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  • A Joint supply
  • B Derived demand
  • C Competitive demand
  • D Competitive supply
  • E Composite demand
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Question 2347:
WAEC 1993
A market equilibrium exist when
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  • A Demand and supply are equal
  • B The market is large
  • C The price is fluctuating
  • D No buyer goes home empty-handed
  • E No seller has an unsold stock
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Question 2348:
WAEC 1993
The price system is
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  • A The market price of commodities
  • B A market where a single price rules
  • C A system of price allocation to the products of the same firm
  • D A system of resource allocation through supply and demand interaction
  • E A system which the market price is determined only through haggling
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Question 2349:
WAEC 1993
The main objective of production by entrepreneur is to
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  • A Equate marginal revenue with marginal cost
  • B Provide employment opportunities
  • C Equate total revenue with total cost
  • D Equate average revenue with average cost
  • E Acumulate wealth for the nation
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Question 2350:
WAEC 1993
If price falls below the equilibrium
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  • A Demand will equal supply
  • B Demand will be greater than supply
  • C Supply will be greater than demand
  • D Price will become indeterminate
  • E Quantity supplied will be zero
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