PassSpark

WAEC WASSCE Economics 2014 past questions and answers

This 2014 WAEC WASSCE Economics set has 40 practice questions. Try these 5 free sample questions, tap a question to reveal the answer and explanation. Then practise the whole 2014 set with instant marking.

Practise the full 2014 setTimed exam mode

Sample WAEC WASSCE Economics 2014 questions

1. Country K can produce either 12 tonnes of cocoa or 6 tonnes of rice with the same resources, while Country L can produce either 8 tonnes of cocoa or 8 tonnes of rice. Which country has a comparative advantage in producing rice?
  1. Country L, because its opportunity cost of rice is lower
  2. Country K, because it can produce more cocoa
  3. Country K, because its opportunity cost of rice is lower
  4. Neither country, because their output combinations differ

Answer: A. Country L, because its opportunity cost of rice is lower

Country K gives up 2 tonnes of cocoa per tonne of rice, whereas Country L gives up 1 tonne, so L has the lower opportunity cost.

2. A government wants to limit the quantity of imported footwear entering the country without imposing a tax on each pair. Which measure directly achieves this?
  1. An export subsidy
  2. An import quota
  3. A reduction in tariffs
  4. A depreciation of the domestic currency

Answer: B. An import quota

An import quota places a direct ceiling on the quantity of a specified good that may be imported.

3. A country's export price index is 120 and its import price index is 150. What is its terms-of-trade index?
  1. 70
  2. 75
  3. 80
  4. 125

Answer: C. 80

The terms-of-trade index is (export price index / import price index) x 100, which is (120 / 150) x 100 = 80.

4. Over a given year, a country's recorded payments to the rest of the world exceed its recorded receipts from the rest of the world. This describes a balance-of-payments
  1. surplus
  2. favourable trade balance only
  3. balanced current account
  4. deficit

Answer: D. deficit

A balance-of-payments deficit occurs when total payments recorded for the period exceed total receipts.

5. Which activity is most closely associated with the International Monetary Fund?
  1. Providing temporary assistance to members facing balance-of-payments difficulties
  2. Financing only private commercial farms within member countries
  3. Setting the retail prices of imported goods in each member country
  4. Operating a common central bank for all countries

Answer: A. Providing temporary assistance to members facing balance-of-payments difficulties

The IMF provides financial assistance and policy support to member countries experiencing external payment problems.

More WAEC WASSCE Economics years

20262025202420232022202120202019201820172016201520132012201120102009200820072006200520042003200220012000

All WAEC WASSCE Economics years · WAEC WASSCE subjects

PassSpark questions are original practice questions written to each exam's syllabus and format, in the style of past questions. They are not official past papers and are not affiliated with JAMB, WAEC, NECO, any university or any exam body.