Waec Economics Past Questions and Answers

Question 1361:

• WAEC 2013

Which of the following items is not included in measuring national income by the income approach?

A. Profits of companies
B. Rents on property
C. Student's grants and scholarships
D. Wages and salaries of public servants

Question 1362:

• WAEC 2013

Gold, diamond, iron ore and limestone are collectively referred to as

A. Human resources
B. Mineral resources
C. Artificial resources
D. Forest resources

Question 1363:

• WAEC 2013

Points outside a production possibility curve indicate

A. Unattainable production levels
B. Attainable production levels
C. Inefficient, but attainable production levels
D. Optimum production levels

Question 1364:

• WAEC 2013

The International Bank for Reconstruction and Development (IBRD) is important to developing nations because it

A. Gives aid for defence
B. Offers loans for public projects
C. Offers aid to finance private projects
D. Gives loans for legal proceedings

Question 1365:

• WAEC 2013

Which of the following can be used to calculate the price elasticity of demand?

A. \(\frac{\text{percentage change in quality demand}}{\text{percentage change in price}}\)
B. \(\frac{\text{percentage change in price}}{\text{percentage change inquantity demand}}\)
C. \(\frac{\text{percentage change in quality demand}}{\text{percentage change in income}}\)
D. \(\frac{\text{percentage change in income}}{\text{percentage change in quantity demand}}\)