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Economics Past Questions and Answers

Waec Economics Questions

Question 1361:

Which of the following items is not included in measuring national income by the income approach?

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A Profits of companies
B Rents on property
C Student's grants and scholarships
D Wages and salaries of public servants

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Question 1362:

Gold, diamond, iron ore and limestone are collectively referred to as

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A Human resources
B Mineral resources
C Artificial resources
D Forest resources

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Question 1363:

Points outside a production possibility curve indicate

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A Unattainable production levels
B Attainable production levels
C Inefficient, but attainable production levels
D Optimum production levels

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Question 1364:

The International Bank for Reconstruction and Development (IBRD) is important to developing nations because it

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A Gives aid for defence
B Offers loans for public projects
C Offers aid to finance private projects
D Gives loans for legal proceedings

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Question 1365:

Which of the following can be used to calculate the price elasticity of demand?

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A \(\frac{\text{percentage change in quality demand}}{\text{percentage change in price}}\)
B \(\frac{\text{percentage change in price}}{\text{percentage change inquantity demand}}\)
C \(\frac{\text{percentage change in quality demand}}{\text{percentage change in income}}\)
D \(\frac{\text{percentage change in income}}{\text{percentage change in quantity demand}}\)

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