Waec Economics Past Questions and Answers

Question 316:

• WAEC 1994

The Quantity Theory of Money state that an increase in the quantity of money would bring about

A. A geometrical rise in price
B. An unequal rise in prices
C. A proportionate rise in prices
D. An absolute rise in prices
E. A less that proportionate increase in prices

Question 317:

• WAEC 1994

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a visa for a period of

A. 14 days
B. 30 days
C. 60 days
D. 90 days 100 days

Question 318:

• WAEC 1994

(a) What is meant by price elasticity of demand?
(b) The following figures are extracted from a schedule of demand and supply:

Price	Quantity Demanded	Quantity Supplied
N9.00	1050	850
N10.00	1000	1000
N11.00	950	1150

(i) Calculate the elasticity of demand when price rises from N10.00 to N11.00.
(ii) State whether the demand in (i) above is elastic or inelastic.
(iii) Calculate the elasticity of supply when price falls from N10.00 to N9.00.
(iv) State whether the supply in (iii) above is elastic or inelastic

Question 319:

• WAEC 1994

Use the data in the table below to answer the questions that follow;
Age group No of Students in thousands

1955	1960
0 - 16	150	143
17 - 45	51	107
46 -60	29	33
above 60	15	17

(a) What is the percentage increase in the working population between 1955 - 1960?
(b) Calculate the ratio dependent population to the working population in 1955.
(c) Calculate the ratio of dependent population to the working population in 1960.
(d) Has the dependency ratio increased or decreased between 1955 and 1960?

Question 320:

• WAEC 1994

Price tends towards the level which equates supply with demand'. Explain this statement.