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Economics 2014 WAEC Past Questions

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26

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
View Answer & Discuss (2) WAEC 2014
27

Cyclical unemployment is one associated with

  • A. inadequate information
  • B. trade fluctuations
  • C. structural changes
  • D. seasonal changes
View Answer & Discuss (3) WAEC 2014
28

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
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29

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
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30

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.
View Answer & Discuss WAEC 2014
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