Waec Economics Past Questions and Answers

Question 1406:

• 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

Question 1407:

• 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 1408:

• 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 1409:

• 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 1410:

• 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