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Economics Past Questions and Answers

Waec Economics Questions

Question 1356:

Which of the following statements is not a feature of a monopoly?

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A Seller is allowed to fix his own price
B Buyers and sellers are price takers
C New entrances are restricted
D There is only one seller of the commodity

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Question 1357:

The following are advantages of sole proprietorship except

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A Quick and easy decision-making
B Keeping its business affairs private
C Assurance of raising huge capital for expansion
D High level of commitment

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Question 1358:

Which of the following controls a limited liability company?

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A The general manager
B The managing director
C Tax payers
D The board of directors

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Question 1359:

Given that Qd = 80 - 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is $3?

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A 86 units
B 80 units
C 76 units
D 74 units

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Question 1360:

The main advantage of large scale production is that

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A Unit cost of production falls
B Decision -making is quick
C Worker-managemnet relationship is improved
D The quality of the product increases

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