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Economics

Economics · Quick practice · answer shown after each question

Demand, supply, elasticity

Question 1 of 10

Question 1 of 10

A maximum price fixed by the government below the equilibrium price leads to

Question 2 of 10

Question 2 of 10

If demand is price inelastic, a rise in price will

Question 3 of 10

Question 3 of 10

The price of a good rises from GH₵ 10 to GH₵ 12 and quantity demanded falls from 100 to 80 units. Find the price elasticity of demand.

Question 4 of 10

Question 4 of 10

Equilibrium price is the price at which

Question 5 of 10

Question 5 of 10

Composite demand occurs when a good

Question 6 of 10

Question 6 of 10

Income elasticity of demand for an inferior good is

Question 7 of 10

Question 7 of 10

Which factor will shift the demand curve for rice to the left?

Question 8 of 10

Question 8 of 10

If price rises from GH¢10 to GH¢12 and quantity demanded falls from 100 to 90, PED is

Question 9 of 10

Question 9 of 10

Income elasticity of demand for luxury goods is

Question 10 of 10

Question 10 of 10

A maximum price set by government below the equilibrium price leads to

Questions written by OtisamLMS in the style of the WASSCE. They are not WAEC past questions.