Waec Economics 2014 Past Questions and Answers

Question 16:

• WAEC 2014

Which of the following is not a characteristic of a developing country? High

A. Real per capita income
B. Level of primary production
C. Population growth rate
D. Level of illiteracy

Question 17:

• WAEC 2014

Goods consumed out of habit have

A. Elastic demand
B. Perfectly elastic demand
C. Inelastic demand
D. Unitary elastic demand

Question 18:

• WAEC 2014

If the coefficient of price elasticity of demand is 0.1, demand is

A. Elastic
B. Inelastic
C. Zero elastic
D. Unitary elastic

Question 19:

• WAEC 2014

The profit of a producer is the difference between

A. Total cost and marginal cost
B. Total revenue and total cost
C. Average cost and total cost
D. Price and total cost

Question 20:

• WAEC 2014

The rate of increase in utility is

A. Average utility
B. Increasing utility
C. Total utility
D. Marginal utility