Waec Economics 2014 Past Questions and Answers

Question 46:

• WAEC 2014

Which of the following is not an effect of the discovery of mineral resources in an area?

A. Increase in wealth
B. Overcrowding
C. Increase in crime rate
D. Under population

Question 47:

• WAEC 2014

Use this above diagram to answer this question. From the table, the mean of the distribution is

A. 2.2
B. 2.5
C. 3
D. 4.5

Question 48:

• WAEC 2014

Use this above diagram to answer this question. What is the median of the distribution?

A. 5
B. 4
C. 3
D. 2

Question 49:

• WAEC 2014

The table below shows an extract from balance of payments for country A. Use the table to answer the questions that follow:
Balance of payments items

	Items of transaction	Receipts ($)	Payment ($)
1	Merchandise (visible trade)	52,000.00	4,000.00
2	Shipping, other transport and travel	4,000.00	8,000.00
3	Investment income	20,000.00	5,000.00
4	Other services	2,500.00	7,500.00
5	Unrequired transfers	22,800.00	7,000.00
6	Direct investment	50,000.00	26,000.00
7	Other long-term capital	254,000.00	289,000.00
8	Short-term capital	221,000.00	238,000.00

Calculate the:
(a) balance of trade (3 marks)
(b) balance on current account (8 marks)
(c) balance on capital account (6 marks)
(d) balance of payment (3 marks)

Question 50:

• WAEC 2014

The table below presents the price and quantity supplied by a palm oil producer. Use the information in the table to answer the following questions.

Price ($)	Quantity Supplied (gallons)
6	200
12	300
18	400
20	500
24	600

(a) If the price of palm oil falls from $20.00 to $18.00, calculate the price elasticity of supply. (4 arks)
(b) Interpret your answer in question 2(a) above. (2 marks)
(c) Study the extract below and answer the following questions. The price of palm oil remains at $6.00 per gallon and an increase in the price of a related product causes an increase in the supply of palm oil:
(i) Give a graphical presentation to illustrate this change. (6 marks)
(ii) Indicate the type of supply for the two products. (2 marks)
(d) State reasons that can cause a change in supply. (6 marks)