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Economics 2014 WAEC Past Questions

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21

Increase in supply due to changes in plant size will take place only in the

  • A. normal time
  • B. long run
  • C. market period
  • D. short run
View Answer & Discuss (2) WAEC 2014
22

The long - run average cost curve is made up of several short-run

  • A. marginal and average cost curves
  • B. average cost curves
  • C. average variable cost curves
  • D. average variable and total cost curves
View Answer & Discuss (3) WAEC 2014
23

Co-operative societies formed to market the output of their members are called

  • A. Consumers' co-operative societies
  • B. marketing co-operative societies
  • C. Credit and thrift co-operative societies
  • D. Producers' co-operative societies
View Answer & Discuss (5) WAEC 2014
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24

Money will serve as a standard of deferred payment if it is

  • A. homogeneous
  • B. durable
  • C. easily recognized
  • D. stable in value
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25

Due to an increase in price, a seller increases the quantity offered for sale from 400 units to 450units. What is the percentage change in quantity supplied?

  • A. 1 %
  • B. 7.5%
  • C. 12.5%
  • D. 20%
View Answer & Discuss (6) WAEC 2014
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