Waec Economics 2014 Past Questions and Answers

Question 21:

• WAEC 2014

The supply of tea is linearly presented as p = 0 . 2Q, where P is the price and Q is the quantity. What is P when Q = 25?

A. $ 0.08
B. $ 5.00
C. $ 25.02
D. $ 125

Question 22:

• WAEC 2014

Increase in supply due to changes in plant size will take place only in the

A. Normal time
B. Long run
C. Market period
D. Short run

Question 23:

• WAEC 2014

The long - run average cost curve is made up of several short-run

A. Marginal and average cost curves
B. Average cost curves
C. Average variable cost curves
D. Average variable and total cost curves

Question 24:

• WAEC 2014

Co-operative societies formed to market the output of their members are called

A. Consumers' co-operative societies
B. Marketing co-operative societies
C. Credit and thrift co-operative societies
D. Producers' co-operative societies

Question 25:

• WAEC 2014

Money will serve as a standard of deferred payment if it is

A. Homogeneous
B. Durable
C. Easily recognized
D. Stable in value