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Economics Past Questions and Answers

Waec Economics Questions

Question 971:

in a situation where demand is perfectly elastic , imposition of tax on a commodity to raise its price will result in

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A Consumers increasing their demand for the product
B Consumers' demand for the product remaining unchanged
C Consumers shifting completely to substitute products
D Suppliers increasing the supply of the product

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Question 972:

Patents are examples of

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A Natural barriers to entry
B Legal barriers to entry
C Illegal barriers to entry
D Unnatural barriers to entry

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Question 973:

which of the following is a characteristics of monopoly

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A Many sellers
B Homogenous commodity
C A single seller
D Perfect knowledge

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Question 974:

when a firm is nationalized ,

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A Former owners are removed without compensation
B It has the right o draw on state funds for capital investment
C It must break even within a specific period
D Workers take control of the firm

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Question 975:

The practice whereby a business is owned by two or more independent firms is termed

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A Indigenization
B Joint venture
C Commercialization
D Foreign investment

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