Waec Economics 2014 Past Questions and Answers

Question 11:

• WAEC 2014

The components of a three-sector economy are

A. Banks, schools and hospitals
B. Workers, producers and marketers
C. Households, firms and the government
D. Producers, retailers and wholesalers

Question 12:

• WAEC 2014

A declining population is one in which the population is

A. Experiencing a high rate of emigration
B. Made up of large number of old people
C. Not producing enough goods
D. Not contributing enough to the national income

Question 13:

• WAEC 2014

Which of the following agencies help to stabilize farmers' income?

A. Local government authorities
B. Trade unions
C. Marketing boards
D. Co-operative organizations

Question 14:

• WAEC 2014

Other things being equal, an increase in supply will lead to

A. A fall in price and an increase in quantity bought and sold
B. An increase in price and increase in quantity bought and sold
C. A fall in price and a fall in quantity bought and sold
D. An increase in quantity supplied and demanded only

Question 15:

• WAEC 2014

Examples of joint stock banks are

A. Commercial banks
B. Co-operative credit societies
C. Central banks
D. Development banks