Waec Economics Past Questions and Answers

Question 1401:

• 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

Question 1402:

• 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 1403:

• 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 1404:

• WAEC 2014

Cyclical unemployment is one associated with

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

Question 1405:

• 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