Economics 2013 Waec Past Questions and Answers

Question 26 :

• WAEC 2013

Which of the following is the main outcome of a trade union's interference with the wage rate? Wages are

A. Lowered but more employment opportunities are created
B. Lowered but employment level remains unchanged
C. Increased and employment levels are unchanged
D. Increased but employment levels are reduced

Question 27 :

• WAEC 2013

The introduction of tariffs and quotas

A. Reduce th prices of imports
B. Increase the demand for locally made goods
C. Discourage domestic industries from becoming more efficient
D. Reduce the prices of locally made goods

Question 28 :

• WAEC 2013

A government that wants to get more revenue will increase the tax on commodities with a

A. High price elasticity of demand
B. Low price elasticity of demand
C. High income elasticity of demand
D. Low income elasticity of demand

Question 29 :

• WAEC 2013

Which of the following is involved in the money market?

A. Building society
B. Development banks
C. Commercial banks
D. Stock exchange

Question 30 :

• WAEC 2013

Demand pull inflation can aptly be described as

A. Inflation induced by rising costs of production
B. Reduction in government expenditure
C. Persistent rise in prices due to increase in expenditure
D. Massive importation of goods from a country with hyper inflation