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Economics Past Questions and Answers

Waec Economics Questions

Question 851:
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
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Question 852:
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
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Question 853:
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
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Question 854:
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
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Question 855:
If elasticity of demand for a commodity is less than one, demand is
  • A Unitary elastic
  • B Inelastic
  • C Infinetelt elastic
  • D Zero elastic
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