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Economics Past Questions and Answers

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Waec Economics Questions

Question 106:

A rational consumer tends to do all the following except

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A Buying more at a high price than at a low price
B Buying more at a low price than at a high price
C Buying at utility maximization
D Reacting to price changes
E Complying with the law of demand

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Question 107:

A firm that charges different price of goods or services that have same technical qualities is called

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A A perfect competitor
B A monopsony
C An oligopoly
D A discriminating monopoly
E A duopoly

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Question 108:

A perfect market has all the following features except that

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A There are many buyers and few sellers
B The commodities bought and sold are homogenous
C There is free entry and exit
D Buyers and sellers have perfect knowledge of the market
E There is only one ruling price

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Question 109:

The purchasing power of the Naira will fall when

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A Workers are retrenched
B The colour of the naira is changed
C The government cuts all salaries and wages
D There is inflation
E The naira is overvalued

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Question 110:

Time deposit has the same meaning as

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A Current account
B Demand deposit
C Deposit account
D Bank deposit
E Bank rate

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