WAEC Economics 2001 Past Questions

Practice each question, then open it to see the full details.

Question 1

The table below shows the various possible combinations of military and civilian goods produced by a country, using the available resources and technology. Use the table to answer the questions that follow. 

Military goods (in toons) Civilian goods (in toons) 
0 200
20 160
40 120
60 80
80 40
100 0

(a) Draw the production possibility curve (PPC).
(b) Indicate points S and K at which production is not feasible.
(c) Indicate points M and N at which resources are not efficiently utilized.
(d) What does the downward slope of the PPC indicate?
(e) Why is production not feasible at points S and K? 

Theory
Question 2
Countries Population (in million) Gross National product (in million Dollars)
R 120 2,500
S 180 12,000
T 60 4,000
U 100 6,500
V 25 2,500

(a)(i) Calculate the per capita incomes of countries R, S, T, U and V.
(ii) Determine the range of the per capita incomes of the five countries.
(iii) Which one of the countries enjoyed the highest standard of living?

(b) Express the population of each of countries R, S, T, U and V as a percentage of the total population of all the countries.

(c) Draw a simple bar chart showing all the countries and their respective per capita incomes. 
 

Theory