Question 1
the study of Economics enables the individuals to
Objective
WAEC Economics 1998 Past Questions
Practice each question, then open it to see the full details.
Question 1
(a) Define cross elasticity of demand.
(b) The table below shows the response of quantity demanded to changes in price for three pairs of commodities.
Use the table to answer the questions that follow.
| Commodity | changes in price | commodity | Changes in Quantity Demanded | ||
| Original Price ( |
New price ( |
Original Quantity (kg) | New Quantity (kg) | ||
| Bread | 15 | 20 | Yam | 150 | 200 |
| Beef | 25 | 40 | Fish | 1,000 | 3,000 |
| Butter | 100 | 50 | Margarine | 250 | 400 |
Theory
Question 2
one way of solving the problem of scarcity that faces the individuals is for
Objective
Question 2
The table here shows the sectoral allocation of a country's budget. Illustrate the data accurately with a pie-chart. Show your workings clearly.
| Sector | Amount ( |
| Health | 30 |
| Education | 25 |
| Housing | 15 |
| Manufacturing | 10 |
| Agriculture | 20 |
Theory
Question 3
At what price will a trader be ready to sell 6 oranges using the equilibrium below. p = 1/2 q + 2. where p is price and q is quantity?
Objective
Question 3
(a) What is meant by production?
(b) Explain with examples, the following types of production
(i) Primary;
(ii) Secondary;
(iii) Tertiary.
Theory
Question 4
If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to
Objective
Question 4
Give any five reasons why public corporations are established in Nigeria.
Theory
Question 5
which of the following will shift the demand curve for Milo to the right?
Objective
Question 5
Account for the decline in the contribution of agriculture to the Gross Domestic Product (GDP) of Nigeria.
Theory
Question 6
An ?exceptional demand is one in which
Objective
Question 6
(a) What is Labour Force?
(b) Explain four factors affecting the size of the labour force.
Theory
Question 7
The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be
Objective
Question 7
State any five reasons why the use of money has replaced the barter system in modern economic transaction.
Theory
Question 8
The introduction of division of labour in a firm will lead to?
Objective
Question 8
Describe any five functions of the Central Bank of Nigeria (CBN).
Theory
Question 9
Total cost is the addition of
Objective
Question 9
Why does a country restrict her international trade?
Theory
Question 10
Total cost is the addition of
Objective
Question 10
Outline the role of industrialization in the economic development of Nigeria.
Theory
Question 11
external economies refer to the
Objective
Question 12
To the economist, efficiency of resource use means
Objective
Question 13
The shape of the average cost (AC) shows that as production increases
Objective
Question 14
one of the advantages of localization of industry is that firms
Objective
Question 15
which of the following is not a type of industry?
Objective
Question 16
In a joint-stock company the shareholders are the
Objective
Question 17
The distribution of goods by the price system is distorted when
Objective
Question 18
An appropriate industrialization strategy in an under-populated country is
Objective
Question 19
The power of trade union may be weakened when there is
Objective
Question 20
Malthus' contention is that
Objective
Question 21
The problem of small markets in West Africa can be solved through
Objective
Question 22
An imperfect competitor is in equilibrium when
Objective
Question 23
Which of the following is used to measure inflation?
Objective
Question 24
If a government which owned a company N10,000 in 19196 paid the debt fully in 1985 when the value of money has depreciated by 20 Percent , such a government had
Objective
Question 25
Banks create money by
Objective
Question 26
The West African house was established to
Objective
Question 27
which of the following is a factor affecting the size of national income?
Objective
Question 28
The expenditure of a firm on goods and services for the expansion of its productive capacity is known as
Objective
Question 29
An increase in marginal propensity to save will lead to
Objective
Question 30
progressive system of taxation implies that the
Objective
Question 31
development plans in Nigeria have deviated from their targets due to
Objective
Question 32
The level of economic development is low in Nigeria because
Objective
Question 33
The stability of Nigerian economy depends mainly on the export price of
Objective
Question 34
Which of the following countries is a major trading partner of Nigeria?
Objective
Question 35
The instrument used in many countries to restrict imports includes
Objective
Question 36
The economic system in which the decision s about what to produce , how to produce and for whom to produce are made by private firms is called
Objective
Question 37
A major setback in any mixed economy is
Objective