Waec Economics 2014 Past Questions and Answers

Question 36:

• WAEC 2014

West African countries are experiencing worsening terms of trade because

A. They are primary producers
B. Their currencies are overvalued
C. They import less machines
D. They are tertiary producers

Question 37:

• WAEC 2014

Which of the following statements is correct?

A. As total utility increases, the marginal utility also increases
B. The marginal utility is a always zero whenever the total utility reaches the maximum
C. The total utility is at maximum whenever marginal utility is at it's maximum
D. There is no relationship between total utility and the marginal utility

Question 38:

• WAEC 2014

A change in the quantity demanded of a given commodity is determined by the

A. Size of the population
B. Income of the consumer
C. Price of the commodity
D. Taste and fashion

Question 39:

• WAEC 2014

The likely implication of the devaluation of a country's currency is that

A. Exports of such a country become cheaper
B. Importation of goods into such a country becomes cheaper
C. The value of such a country's currency rises
D. Foreign goods are attracted into the country

Question 40:

• WAEC 2014

International trade is desirable because it

A. May lead to overproduction
B. Brings about over-dependence of countries on one another
C. Provides foreign market for local goods
D. Brings about unhealthy competition and rivalries