Waec Economics 2014 Past Questions and Answers

Question 26:

• WAEC 2014

Due to an increase in price, a seller increases the quantity offered for sale from 400 units. What is the percentage change in quantity supplied?

A. 1 %
B. 7.5%
C. 12.5%
D. 20%

Question 27:

• WAEC 2014

Which of the following will increase the nominal value of national income?

A. High rate of inflation
B. Increase in the value of money
C. Increase in import
D. High rate of subsistence production

Question 28:

• WAEC 2014

Cyclical unemployment is one associated with

A. Inadequate information
B. Trade fluctuations
C. Structural changes
D. Seasonal changes

Question 29:

• WAEC 2014

Which of the following best defines inflation?

A. Cyclical increase in prices
B. Periodic increase in prices
C. Persistent increase in prices
D. Occasional increase in prices

Question 30:

• WAEC 2014

Perfect knowledge of events in a perfect market will be made possible by the existence of

A. Many buyers and sellers
B. Homogeneous products
C. Means of communication
D. Large number of traders