Waec Economics 2014 Past Questions and Answers

Question 31:

• WAEC 2014

An increase in the price of a commodity from $10 to $ 15 leads to an increase in the quantity supplied from 10 units to 15 units. The price elasticity of supply is

A. 0.
B. 0.5.
C. 1.
D. 5.

Question 32:

• WAEC 2014

Economic development may be hindered if there is

A. A high pool of skilled labour
B. A high rate of economic growth
C. Political stability
D. Rapid population growth

Question 33:

• WAEC 2014

Which of the following types of unemployment results from changes in the pattern of aggregate demand ?

A. Technological unemploment
B. Stuctural unemployment
C. Frictional unemployment
D. Seasonal unemployment

Question 34:

• WAEC 2014

Which of the following is not a reason countries import goods?

A. Differences in natural endowments
B. The law of absolute advantage
C. Differences in tastes
D. The love for other nations

Question 35:

• WAEC 2014

Provision of short-term loans to solve balance of payments problems is done by the

A. International Finance Corporation
B. International Monetary Fund
C. Iternational Bank for Reconstruction and Development
D. African Development Bank